Yes, but in a different way. Web3 has a token for each app, and these apps are just marketing vehicles to pump the token, so nothing useful gets built. It's a thoroughly broken model.
My point is really that people say no token is useful but they only know about 10 out of 10,000. Imagine only knowing about 10 failed startups and then proudly claiming: the business model is broken!
Bitcoin also has its own limitations compared to smart contract platforms. And not everyone is cool with buying the bags of Michael Saylor and Nayib Bukele.
We have multiple social media platforms and multiple search engines. We can have many cryptocurrencies.