Ask yourself this, where's the proof of any backing? Where are the journalists questioning USDT's holdings? The true state of obliviousness in crypto is still baffling. Despite billions of dollars and repeated offenses by countless wolves over the past 10 years in all of crypto, no one bats an eyelash at the lack of any evidence from the largest stablecoin.
USDT will become the biggest scam in crypto history, bigger than XRP by 5-fold. The day of reckoning will arrive soon enough. Maybe a few more years before this speculative prophecy comes to fruition.
Without a doubt you are right, at some point USDT will collapse as we know it is not truly backed one to one with dollars, however taking into account what happened with luna and ust I think there are not many people that will want to ask questions about tether either, after all if that happened and tether collapsed tomorrow it is difficult to imagine how low the price of bitcoin could fall, even if bitcoin is not directly affiliated with it the fall of tether will without a doubt affect bitcoin.