When effective altruists talk about ineffective altruism, they talk about AHA. When I talk about ineffective altruism, I talk about things like a targeted trust.
It's the EA people who generalize from AHA to make grand ethical claims that lead to absurdity.
When I talk about ineffective altruism I talk about accumulating capital and shutting everyone out of innovation in the name of regulatory protection. Nothing like a daddy to protect us sounds like altruism.
So.. government?
That too… are they building a government? Because that would be a much more honest name in that case.