This sounds exactly like all other addictive drugs, such as opiates. Diminishing returns combined with physical dependence.
Opiate neuroreceptors autodownregulate, for one, so that means tolerance/dependency gets worse over time. That doesn’t happen with testosterone at all. Also, TRT would not have diminishing returns, after you get past the first few weeks. Some of that is tuning E2 levels, etc; most of it is psychological result of expectations (think placebo effect).
You risk issues at common doses, like cardiovascular damage (which tend to be higher doses than TRT), but these issues don’t compare with opiates.