Crypto has been around for decades but most of the tech we now call "Web3" is very nascent. The ERC-721 standard used by most NFTs was first proposed in 2018, and didn't even reach technical maturity until 2019.
And yes, you can write normal contracts and get the courts to enforce it. But what if your customers are in India or Vietnam or Tibet? Under which jurisdiction will you attempt to enforce the contract?
The entire critique rests on the thesis that the world will always be the way it is - dominated by a handful of western (mostly American) corporations who will get to dictate what billions of people in the rest of the world consume, create, and share.
The reality is that the non-western part of the internet is already larger, will grow even larger, and it needs tools and products that are built for its scale and diversity. Whether that's Web3 or Web2 or Web2500, it doesn't matter. What does matter is that more and more countries will seek to yank back control from western corporations (like India making its own national mobile app store).
I, for one, will cheer on anything that challenges the FAANG oligopoly.