I think a lot of people fall for the "get rich quick" scheme, unfortunately. It seems that in 2020 it was mostly through shitcoins, but this cycle treasury companies are the new shitcoins.
As adoption grows, more and more people start their journey looking for ways to make lots of money quickly (spoiler: it never works), which attracts more grifters in the place to influence people into spending their hard money on shit investments.
It seems like we have reached the point where retail has lost enough money to give up short-term, we’ll see them all come back for the next halving!