Don't criticize the tech, criticize the individual bad actors, like you did with Theranos.
One of the main talking points "web3" critics yell is "scams!", like they don't exist elsewhere.
If you do want to criticize the tech, leave the moral crusade out of it and say technically what is wrong with it, so we can have a technical debate about the feature in question.
It's the purest distillation of the "greater fool theory" in human history.
I'd rebuke your framing of leaving the morality of it aside. The more valid framing of a debate for new technology should be to prove that there are non scam-like applications of the technology that are superior to currently existing ones.
As in most things, the culprit is not technology, it's people. It's entirely possible to ignore the clear rugpulls and scams and just focus on the technically interesting parts. Quite a lot of people are quietly doing just that while everyone else is busy trying to scam each other and/or be religiously opposed to what amounts to a distributed database synchronization mechanism.