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?
In my opinion, Ethereum has became more of a manipulative coin like bitcoin rather than a utility token for dapps as transactions are costly and slow. There's no way of enjoying on chain games on Ethereum and dex are being used just for large conversion or staking. Games and transactions has moved to alternative and mostly compatible chains like BSC and polygon. They have made it easier for Ethereum projects and developers to migrate. I can't even remember when was the last I used an Ethereum dapp. Though ETH remains a prominent coin and could still be a profit cow if the minting of new coins regulated.