I agree, it's a grotesque Ponzi scheme masquerading as revolutionary technology.
There are so many silly arguments held up in its defence, the best being "it's (way, way way) better than FIAT".
The silly thing is no-one sensible keeps significant wealth in 'FIAT' anyway, it's just a means of valuation and exchange, so the comparison is totally bogus.
If you hold a fundamentally quality, tangible asset like a nice house, you don't care if "FIAT" devalues, because it's value will just climb. And luckily if you decide to sell, you can barter in Pounds or Dollars quite easily and don't have to worry if the value of it just moved by 10% in the last hour! (HODL!)
The fact is there are is now a gold rush to buy up valuable GPU's, for no other reason than to exploit the exponential stupidity of the greater fool, whilst burning more and more carbon and driving up electricity costs (and GPU's) for everyone.