1. Early bitcoin users shoulder more risk than later users. They are rewarded for pushing the blockchain forward. You could argue disproportionately, but the rules are set in stone from the beginning.

3. There are other coins that do not require asics or have as high of energy cost.

5. What exactly is a government going to do? They could perhaps take control of the chain? The cost would be enormous. They could attempt to crack quantum, but some quantum-resistant variants are coming out.

An alternative view is that this is just the free market expressing itself through cryptocurrency - at a higher resolution than we've seen before.