Bitcoin on Ethereum Network
Bitcoin on the Liquid Network
I don't see the difference, they're both wrapped bitcoin
Discussion
In principal I agree with you but in reality there is a pretty big difference actually.
The Ethereum one holds the wrapped Bitcoin with a single custodian. Liquid holds it in an 11-of-15 multisig with 15 geopolitically separated signers.
One weakens bitcoin, and the other strengthens it