Yes, in general, this whole transition is very doubtful! The PoS algorithm itself is not some kind of innovative solution and in general, it is not entirely clear why and to what this transition was made. There are other coins that work with the PoS algorithm, and it is very little noticeable that they have become popular or in demand only thanks to this algorithm. it seems to me that this algorithm is very much idealized and overrated!!!
Yes, it seems the results are pretty bad but I respect the acceptance isn't clear and fast which takes time. However, the development continues and I don't think that Mr. Vitalik will just let this dropping scenario do deeper. But considering the current situation, the demand isn't really high. We can't really expect a price rally at this point but let us see how it improves next year as I guess that is something enough to see how the transition affects the demand.