I think of it as a bunch of bad early implementations that are being used for dubious financial purposes and outright fraud, fueling a bubble. The same could be said for joint stock corporations in the 1600s. Something can be inevitable (maybe it is maybe it isn’t) and the current situation can still be bad.

Someone in the 1600s saying that joint stock companies are terrible, solve a problem that doesn’t really need solving, and are being used to rip off investors and fund unethical colonialism would have been right. It took a while before people used them in good ways. And even today they are questionable.