No, it doesn't defeat the purpose at all, they would have no control over the currency, no ability to inflate it or change it in any way, because they are a single actor in the system.

How does a global network of trusted validators somehow make us worse off?

You both need to provide evidence for your statements instead of just spewing maximalist ideals!!!

How is the network being validated by over 200 CBs in some way inferior to having most of the work being done in China or the US....which is currently happening!