Oh for sure, I agree with that! I think that there's big slice of assets in the major capital markets that's kept out of cryptos because of regulations on major exchanges and major asset managers that an ETF addresses- for instance, a 55 year old nurse that parks her money at Ameriprise or Schwab with a Registered Investment Advisor. She would not have had their money going into Bitcoin without an ETF, but might now because that asset manager is now able to with a public traded ETF. But for more independent, self-directed folks I think we all know an ETF is not going to be the winning strategy on balance.
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It does have a purpose for the uninformed.