In a world where the amount of things you can speculate on is ever increasing - it’s more efficient to find the next airdrop than contribute meaningfully to a single project.
The result is a depleted treasury and lots of speculators, with no resulting impact on retention/growth.
Web3 aims to expand ownership re: A) economic upside &B) governance. IMO:
A is underrated—Giving upside to >1000x more stakeholders can disrupt the network effects of aggregators
B is overrated—There'll be some positives, but we'll experience the downsides of unclear leadership