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?
It isn't a new thing that is why its not really shocking and most whales never cared about even the fee is $100 because they are dealing in millions so only the small investors are affected and get stuck with their token value is less than the gas fee required to transfer. ETH 2.0 is expected to come and solve this issue for sure but until that investors will stick or move on with some loss.