I believe because most 'Investors' in the space that have just arrived from Wall Street or Sherwood Forest are buying and selling nominal Ethereum on the Exchanges without ever performing an onchain action. Ethereum is utterly broken and 2.0 may never come.
Do you think this is a fair appraisal?
Its actually been discussed like people knows the loop and thread, but people that are as you said buying not on chain are too afraid to make this as fud. It's not like they are literally buying a fake eth but a share like on stock that doesn't have fees on blockchain. Im sure you know what happened when constant fud arises, well the degen knows this and shifting other chain so it doesn't a big deal anyway.