Bitcoin isn't inherently a privacy coin; rather, it stands as a genuinely decentralized cryptocurrency. Your level of privacy is determined by the measures you take to safeguard it, given that Bitcoin transactions are publicly accessible. If I possess your specific Bitcoin address, I can still trace your activities. Bitcoin's objective is to establish a decentralized payment system, eliminating the need for third-party intermediaries.
Not fair that bitcoin is being likened to fraud in any way, it's just like you're likening a pen to a fraudulent check. You said it all, bitcoin stands as a genuine decentralized cryptocurrency, the good and the bad uses it. Whether crypto or fiat, so far as it has to do with monetary matters, you'll always find fraudulent transactions, the same way you'll also find genuine transactions.
I've made enemies in the past, when I used to argue about the genuine of bitcoin. It really saddens me because I don't understand why ignorant people will choose to associate a particular means of payment with fraud and crime.