This is an easy one to answer. Proof of work as implemented in bitcoin is the largest, weirdest incentivized, most highly distributed preimage attack [1] ever run against any hash algorithm that we know of in human history. The history of hash algorithms suggests that humanity has yet to invent a perfect hash algorithm (whether or not you agree that perfect hash algorithms are even mathematically theoretically possible), which makes it very clearly a matter of "when" the distributed preimage attack succeeds in breaking the hash algorithm altogether rather than "if".
> the market overwhelmingly disagrees
The "market" isn't by definition a rational actor and may just be a mob swept up into fervor. Ponzi schemes in general prey on weaknesses in a market's mentality or emotionality to follow bad long term advice for short term gains. (That example should work whether or not you also agree that bitcoin-style mining difficulty is also directly a unique modern variant of a Ponzi scheme.)