(1) Same thing could be said about Taro, Ordinals, Coloured coins, Inscriptions, Counterparty, BRC-20 tokens etc.
(2) It will be bitcoin on another sidechain. It won’t be an alt coin.
(3) Fair concern but feels quite statist to me. Bitocin was created by cypherpunks, permisionless and free market philosophy. If we give up on the pursuit of privacy over fears of the state then we are just cowardly obeying the state by default.
(4) Federated merge mined sidechain vs hash rate escrow sidechain. Seem similar in many ways to me but instead of trusted 15 member multisig you trust the miners to be profit seeking.