What's going to happen if Coinbase accumulates 51% of all Bitcoins?
Exchanges does not own the coins that are deposited on their sites. Most people say, "Not your private key, not your coins" but regulated exchanges like Coinbase will never do a exit scam with people's coins, because they are making millions off the trades of these coins over time and they have to adhere to stringent regulations to operate the business.
They will lose a lot, if they run with the coins.