Play2earn gaming is just a disguised ponzi scheme 99% of the time.
It's a closed loop system so the only way for people to earn money is to get it from other gamers. And gamers aren't going to throw money at these games when they could play a better "centralized" alternative.
And the reason why non-pay2earn alternatives will always be better is because non-pay2earn games are much cheaper because they only need to pay the game devs while pay2earn games need to pay both the game devs and the freeloading "earners".