My guess is a lot of people had too much expectations for blockchain and crypto.
I remember here on HN 10 years ago everybody wanted to put everything on a blockchain. Some were betting on the collapse of the financial system.
None of those things happened but ethereum created a neutral, stable, secure cheap and transparent programmable financial platform.
Because it is neutral a lot of people ported the bad things happening in the traditional financial system to crypto: the scams, debt, speculation, etc.
And then most people started to hate it.
I guess 20 years ago most porn was hosted on Apache web servers, now it would be nginx. Should we hate nginx because of porn?
I have mixed feelings there. I agree that crypto has inherited a lot of troublesome behavior from the traditional system which may not have been, at the outset, crypto's fault. But on the other hand, presumably we built a new one because we thought it could be better than its predecessor, and it still isn't. At some point we've got to acknowledge that the culture that springs up around a system, wherever the people were previously, is a consequence of the merits and flaws of that system.