For what I gather, Web3 is marketed as a 'generic ownership' ledger, i.e. not just for 'a replacement for money', which was the purpose for which cryptocurrencies were so far perceived in the mainstream public eye. How it connects to NFTs - investors putting real money into Web3 would want to hike on the supposed ability to invent assets out of thin air and sell supposed ownership on them for real money at a profit. There are many people wanting to own NFTs right now (even if many people equals to just %1 of all people and never about it).

As for the legality of it, maybe we can think of it as being a scam as much as companies selling tamagotchis [1] in the 90's are or were a scam. It was somewhat in fashion to own one back then. At one point it was quite profitable to manufacture and sell them. However, now and possibly forever the volumes at the peak of the fad would never be restored. At least right now, in 2022, perhaps the current trend of owning an NFT collection and presenting it to others is somewhat driven by vanity in a similar way. Perhaps it's the future with NFTs.

Can't say I agree with the present situation, and I'm kinda hoping people will find better things to do with their hard-owned money.

[1] - A Brief History of Tamagotchi | Innovation | Smithsonian Magazine - https://www.smithsonianmag.com/innovation/keeping-tamagotchi...