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Maybe when it’s Panama. But there is not a single sketchy reason why companies choose to incorporate in Delaware, for instance.

There are very legitimate reasons to incorporate in another location. Some are not only not sketchy, but even altruistic, e.g. incorporating in another state for the purpose of incorporating as a PBC.

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What are the altruistic aspects of operating a corporate entity that effectively operates as a casino where you can bet on literally anything?

Did they incorporate as a PBC?

Is there actual case law of people using a company's status as a PBC to effectively hold it to account for detrimental corporate conduct?

I think you might be misreading my comment as if I was defending Polymarket. I'm disputing the claim that "jurisdiction shopping is always sketchy".

Delaware is quite literally a tax haven set up to assist in evading as many local laws as possible. Do we just excuse it because it's a US state and speaks English?

No it isn’t. There are states with zero corporate taxes, and Delaware isn’t one of them.

Businesses choose Delaware because their corporate law and court system are are both well developed and streamlined which makes investors comfortable.

There are plenty of other states that are better choices for tax reasons.

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