This is all probably prep for their NFT platform, which will be instagram-like in social structure, but also allow for metamask-like (i.e. decentralized) logins. [0]
Feels much safer than open sea which is constantly hacked and I trust more than GameStop who says they are also launching and NFT store.
Plus, this helps decentralize in two ways:
Firstly, it lessens monopoly power over the NFT space by OpenSea.
Secondly, Coinbase itself is now introducing its first web product with decentralized logins.
This is good for decentralization, not bad.
These relatively new technologies and structures have consequences that we're only just beginning to understand, so it's no wonder that laws are lagging.
People all in here claim to be "anti-authority" and "anti-fascist" but can't resist their impulse to control others' behavior.