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?
I think this is a unfair judgment, it's undeniable that fees have been a major issue for years on eth and until now the developers have no solution for this issue, but you can see that they are still in second place after BTC, eventough this issue discussed over and over. No decline in their position means ETH remains an option but I'm sure if this issue is not resolved gradually ETH will be replaced because crypto that can only be traded without onchain action will not be an option.