The most entertaining, well done and complete Play to Earn games developed so far didn't show any respect and consideration for the community of players, rather their only goal was to milk money from players, without caring about long term goals and survival of the game. They were MIR4 and Ni No Kuni. Bots and toxic players killed the environment. And that is so sad, because the games were really good and promising.
With some adjustments those games could be popular until nowadays, while working as side income for many players. If at some point in the future a studio comes with a similar idea, but propitiating a friendly environment for every players (not only the addicted, wealthy ones) I think it will be a huge success.
It would always be a non-stop race - devs versus botters. The botters always find a way. Look at runescape for example - even with all the ban waves, people still bot to this day.
Such game would need to be profitable as a business and have really good funding to be able to fight back botters.
If developers manage to keep the environment of the game at Runescape's level it's already a good thing, because as we see, despite bots harming the game for decades already, they aren't able to completely destroy it. Moreover, there are players making income from Runescape, so it's an example of sustainable "play to earn" game, even though it's forbidden to trade gold and items for real money by the rules.