One factor which was missing in this equation is "skin in the game"
I second your opinion. Although I abhor the waste of resources by proof-of-work, I have to give it exactly this advantage.
Thumbs up from me for your post in the ivory tower, a good read and exactly my way of thinking.
The first law of thermodynamics, also known as Law of Conservation of Energy, states that energy can neither be created nor destroyed; energy can only be transferred or changed from one form to another.