You’re absolutely right shitcoins are highly centralized. They all have huge premine allocations held by insiders and VCs who dump their bags on naïve investors. Only Bitcoin is truly decentralized. Everything else is more like a company, with foundations and individuals who control the project and can print more tokens whenever they want. That’s why no smart person wants to hold shitcoins
Most of them are premine especially if the ones we're talking about was conducted and launched on 2017 which is the height of ICOs at that time. But most people don't care about that because it was an era where any project launched can be a successful one, not until the time of 2018 has come - the bear market and most of these projects have established already and the new ones coming to the market became likely a scam and investors got tired of it.
why would you hold something that someone else can create out of thin air?
It was like a peer pressure at that time and just to be in with what everyone has been doing for.