In the sense that you're talking about the math involved with the coins themselves, it's hard to disagree with you.

It does seem difficult to have a crypto ecosystem (based on those protocols/coins) that doesn't include the pitfalls of regulatory darkness and non-discoverability of capital assets. Investors seem to like having a cop on the beat. Even though the SEC doesn't really do anything, it carries a big stick and keeps market actors in line, more or less. Furthermore, it's a lot easier to verify that a factory actually has tools in it, than to verify that a crypto exchange is functioning properly.

Money inherently has a cop on the beat. When the cop is Venezuela or Argentina or Zimbabwe, its value gets dinged. And it's a lot easier to monitor things like GDP and taxation than to know how one of these acronymic crypto heroes is running his exchange.