You stated many good points there, but there are a lot of other PoW coins that did not fall in the price this much! And there are very bad PoW coins that people are still mining and dont dump them this much. I think that btx have their own mining farm with nvidia 1060 cards so they will mine it if noone else does.
Those coins are either fully mined, or have supply-restricting features, as masternodes and their varieties (hypernodes/supernodes).
I agree there are many PoW coins with zero utility, but they are backed by pumpers, that move them 100-400% once in a quarter.
I would suspect that Baikal has some FPGA development for most of the chaining algorithms - from custom X11 to X17. TimeTravel 10 is a custom X14, AFAIK. Adding an algo to a chain or shuffling them is no innovation, all it takes a good FPGA developer is a couple weeks to rewrite the bitstream to mine 10-100x more efficiently vs a GPU.