Would it be fair enough to assume that the project has failed, or failing?
90% of Bitcoin being held by an oligarchy of the elite, a cartel of banks, and by governments working together might turn Bitcoin into their "playground".
This would not totally ruin decentralization, because various banks will be in charge making their own decisions and there are also miners who are dictating their own rules in a way. It will be a failure of an attempt to get rid of banks once and for all though. Governments cannot work together anyway, so it's not a viable option even if 90% was indeed held by governmental structures. Even though sometimes bitcoin price dynamics suggests that there are some manipulations, we cannot be sure of it and even if there are whales, we cannot know who they are. I don't believe in conspiracy theories, so I think everything is okay.