I'm thankful for financial services that do actually result in capital being efficiently allocated to help create actual innovation. However, it seems a lot of it is either swallowed back by the thing creating it so that it can recursively grow itself indefinitely (the ouroboros again), or just hoarded by individuals and not used in any useful way, or perhaps any way at all.
A lot of capital from the finance industry seems to be used to innovate for, perform R&D on, and bring new products/services to the finance industry. Some of that ends up in the hands of VCs and other investors - but then a lot of them also put most or all it into the finance industry in one form or another, and then put their returns on that into the finance industry as well.
Some subset does go into other industries, and that's certainly good; if the money was acquired ethically, at least. But then a lot of or all of the returns on that probably also go into the finance industry. Some of them will continue to invest in actual things for the rest of their career, in which case it's probably all a net benefit for the particular industry being invested in, and potentially also for the economy and for society, but it kind of feels like squeezing a ten-million ton lemon to produce a pint of lemonade.
Money is a proxy for energy, and energy is a proxy for power. (And by the transitive property, money is a proxy for power, though everyone knows that one.) All three can theoretically be used for good, useful things that benefit humanity. On average, maybe they do or maybe they don't; not sure. But at the extremes, where there's a dense concentration of money, energy, and/or power distributed across a few small clusters, it seems like it typically isn't used that way. And I'm definitely no Marxist in the slightest; I like capitalism in theory and often in practice. It's more the meta-capitalism I don't like.
Things like ERC/BEP-20 tokens are kind of a proxy for the capitalism of capitalism distilled to its purest, rawest, most comical form. Some people with good intentions like Vitalik Buterin do use that to benefit humanity, and work on meta-capitalism with the intrinsic terminal goal of benefitting humanity, but I think most people don't and won't. You need meta-capitalism, just like you (generally) need a government and a military and a police force, but with great power comes great opportunity to ride that bull to the moon and beyond.
Perhaps my opinion will change at some point, but, to me, it evokes intense unctuousness. I think I might even prefer this contemporary Wild West to some extent. It's pure and it's actually honest about its intentions. It's Oceania. There's no bullshit. They tell you what they want and what they're doing in full earnestness with a smile on their face and a hand in your pocket. In various communities, people openly and cheerfully talk about how they know it's all a racket and a game. They know there're absolutely no "fundamentals".
Some seem, or at least claim, to do it because they feel like Wall Street has had a monopoly on it for ages and now they finally get a chance at it without any gatekeepers or corporate masks. Some don't care either way and do it because they want to and they like the dopamine rush from both the "journey" and the "destination(s)". (It's probably a mix of both motivations for most.) Can't say I like it, but I certainly respect it a lot more than the people who dress it up in bespoke clothing.
I really don't hate cryptocurrencies at all. I've been following them for over a decade. My post history here is filled to the brim with lengthy defenses of them, constantly arguing with the stereotypical black-and-white HN skeptic. I've been seriously considering even trying to pivot my entire career into the industry. But I still think it's unlikely I'll ever not dislike finance.