Bitcoin was invented to avoid centralization. This includes banks and governments. If Bitcoin's mining power is concentrated in the hands of the Elites, what happens is we only create a digital version of fiat that is controllable by them and even worse than cash.

PoW works wonderfully with decentralized mining. Don't let your mindset be changed by the fact that Bitcoin consumes power. The enslavement system we are currently living in is using a ton of resources yet those same people complaining about BTC's mining power don't complain about the system and how awful it is.

We're going to go "eco-friendly" soon. That means we will use more electricity than ever before. I don't see the usage of energy as a "waste". Decentralization is not a waste, and this is the price we currently have to pay for it.