Your first point regarding the ETFs index trackers, means people are concentrating votes in easy capturable entities with unaligned interests with the companies they hold shares.

Regarding your second point on a relevant traditional equity investment future, yes I believe this will be relevant again. But I am not sure this will happen in our lifetime. We need to have a full financial reset, either with our hyper bitcoinization or with bitcoin failure and something else.

If bitcoin game theory and protocol doesn't brake (what I believe), at some point bitcoin price appreciation will be derived from real economic activity and innovation, and traditional equity investment will be back.