Well, you're not wrong. You're just pointing some inconvenient truths.

1. Most people are incapable of saving for their own retirement, because they either lack the discipline or the skill set to do so.

2. Because of (1), people want the government to take care of it. But government does a mediocre job of most things.

3. Elected politicians have an incentive to get in bed with unions of government employees and screw taxpayers by cleverly mis-evaluating the present cost of future retirement payout streams.

4. Bad actors in the world pray on everyone involved: the employees, the pension funds, the government, individuals, etc, to get management fees from the corpus of retirement programs.