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Please don't misunderstand, I'm not suggesting that Bitcoin (or Proof-of-Work) is broken or bad or unsafe or even a bad investment.

Rather, my original question was why Proof-of-Capacity has not seen stronger adoption given that it appears to provide similar security guarantees with better decentralization properties due to a lower $/W/block cost profile.

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The $/W/Block profile is where the security comes from. Insofar as a miner can spend dollars to increase their chance of getting the block, they will, until MR=MC. See this article which explains it very well, though it is talking about PoS: http://www.truthcoin.info/blog/pow-cheapest/

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