i dont think this is main reason, i think reason is:
- ethereum is inflation token not deflation
- ethereum is too coplicated to be able to work correctly, every month there are bugs that cause ethereum network to go down almost
- ethereum is ruled by 1 man and 1 man can destroy it forced by someone else
I do accept everything what you said here,it is controlled by a single man and he determines everything about ETH and it has bugs and a major bug could dent the entire network and crash the entire network,so there are risks involved but till now it is good.