I think it’s because of what crypto turned into and the inherent flaws in the system. Crypto currencies are still backed by and dependent on traditional currency, and their value is too unstable for the average person. The largest proponents of crypto have been corporations - big capital, as you put it - and there’s a reason for that (though they’re more on the speculative market of NFTs looking to make a profit off of Ponzi schemes).

In the end, crypto hasn’t solved any problems that weren’t already solved by less energy intensive means.