I think that’s true but there could be a caveat. Nodes only matter if they represent users who hold their coins in self custody. If the future brings centralization (because people can’t, don’t want to, or aren’t allowed to hold their own coins) then perhaps nodes won’t decentralize as they should.

This is why the most important unsolved problem in bitcoin is getting users to hold coins in self custody. I worry the ETFs and financial institutions may cause further centralization.

Financial institutions, like Custodia, could innovate with solutions to separate custody from control. Like the way stratum v2 separates hash power from block construction — to decentralize control. Just a thought.