Or because it’s actually a huge scam.

“Crypto” is a technology that is functional and has proven utility. Those using it as a tool to skirt regulations, defraud others, or to commit outright theft are the scammers. I would agree that as a concept it is generally overhyped, usually by those who seek to profit from doing so. But I think it’s important to not conflate the unscrupulous gold miners looking to get rich quick with the utility of the precious metal itself.

> and has proven utility.

It hasn't.

The ability to have assets that can't be frozen by a bank or government beaurocratic fuckup is utility.

Not really because the assets can totally be frozen by the exchange. The people who have money in crypto that disappears don't care if that was due to a government action or due to whomever is in charge of enough servers.

bitcoin's main utility seems to be using an utterly absurd amount of joules per transaction.

And because crypto is garbage.