The frenzy is caused by the erosion of previous barriers to entry for investing (the same thing is happening on the traditional stock market), as well as the slow collapse of the middle class, leading people to taking risks and hoping for miracles. That rich people have noticed this and are taking advantage is no mystery. These problems have been caused by the current system, yes.

I don't blame the cryptobros for doing it, the same way I understand people drowning in rivers while searching for gold, and it's a problem that did not originate with the push for decentralization. Exchanges and financial institutions have created an environment that reinforces the worst aspects of modern capitalism, and crypto as a technology is the scapegoat that has been gleefully jumped on by the existing ruling class.