It is obvious that people represent these things based on their perspectives. Initially, the folks that started mining bitcoin were not thinking of profit but these days, it's all about profit so it doesn't pass the Howey test. But looking at it from investment intent, people were not promised riches or profit to get involved in Bitcoin so there is no basis to classify it as security.
Howey test has been outdated for a long time and it is incorrect to use it to cryptocurrencies. It's just that in the US people don't like to change legislation, so they have been living with this vestige since 1946.
Other countries have created new legislation that regulates cryptocurrencies.
If it were so obvious, there wouldn't be a long legal battle between Ripple and the SEC, nor would all altcoins be considered stocks.
In the meantime, most altcoins in the US have very high regulatory risks. So far no one can say how the SEC will classify Polkadot, Atom and other similar projects.