I agree that much of the value of cryptocurrency comes from regulators making transacting online difficult. BTC emerged after the demise of LibertyReserve and eGold.

However, if you are claiming there's no incentive to create more efficient cryptocurrencies, I disagree. Energy efficient, faster and cheaper options exist.

Nanocurrency would be the prime example.

You should look into the altcoin space where a lot of very smart people are trying a lot of different things. Now whether you put your money into them or not is an entirely different discussion.