It could be & will be in certain cases.

The distinction is that the risk is pushed to the outer layer of the network.

Shitty mints will disappear from time to time. The more trustworthy ones will last longer & become bigger.

The risk of being rug pulled will always be there but they don't present systemic risk to the network.

Reputation is important in Bitcoin. It's hard to establish & takes time, but can be lost very quickly.

I expect there'll be many mints & other layer 3 options to choose from all with similar but different tradeoffs. This is all good for Bitcoin. It's good for normies that can't afford a UTxO yet or can't remember 12 words.