I believe infernal_toast made a great job with 0xbitcoin. In fact there exist a lot of worthless projects, not only on the Ethereum mainnet, that drained a lot of time and money. But behind 0xbitcoin there is a non-common technical skill, and the will to create something that can be very different to common ERC-20 "copy-paste-and-deploy" with 20% of total supply premined in the hands of contract owner...
The problem is that Ethereum gas fees have become unsustainable, even for the simplest transactions, and actually to have cheap transactions workarounds are needed...
This is the real reason why we deployed BNbitcoin on the Binance Smart Chain: because actually you can mine a tokenized bitcoin BNBTC block with 0.25 USD...