If this is true then it seems to me that it's effectively become an inter-bank settlement protocol (which may not be that surprising or bad of an outcome given its inherent latency)
On which blockchain, exactly? On the Ethereum Mainnet you can transact for a fraction of a cent USD and it'll typically be verified (mined into a block) within a minute (often faster).
On the Bitcoin chain you choose your own transaction fee, but if you're not keeping up with market rates your transaction might take quite a long time to be verified (again, mined into a block).
Do your own research if you're curious about it and don't want to feel left out. It's never too late to make an actual informed decision afterwards. I've seen so many otherwise intelligent people just keep dismissing Bitcoin and cryptocurrencies without even knowing how they actually work. Don't be those people.
Try to read some books about the actual technology that runs Bitcoin and other cryptocurrencies and THEN make a decision whether you think it's a scam or not. Even if you think you think it's a scam or a bubble or whatever, at least then you'll be actually making an independent judgment on a new piece of technology that nobody--including the inventor him/herself--fully understands.
I studied it for a while, and it lead me on to some more interesting topics, but the currency itself doesn't interest me.
Understanding Bitcoin to assess "whether it's a scam" makes about as much sense as learning about the mechanics of an electronic exchange to figure out whether it's a good idea to invest in Facebook.