Because it works specifically via someone making a dollar deposit which they then issue USDt for. And their partners have made public statements claiming they have equivalent funds and I think they do an audit every so often but can’t remember the details.

Now we can argue that maybe they don’t have the dollars and that we are trusting them (because of course we are). But just calling new tether as blanket printing without the caveat that it specifically works by taking a dollar deposit and issuing the same amount in tether, just ruins any argument for criticizing them for something real.