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> It also certainly defeats much of the original purpose of decentralization when a few stakeholders have total control of the network because they hold the most coins...

As opposed to a few stakeholders that have total control of the network because they hold the most computational power?

And before you bring up mining pools, you can replicate that in Proof of Stake by creating staking pools.

Have a look at cosmos.network for successful decentralized dPoS network. Also Binance chain is built using Cosmos SDK, one could argue it is not decentralized enough, but it is certainly secure enough.

I'm not sure what you mean by "at scale" but ETH2 PoS has been operating for several months now, and currently has over 100,000 validators with over $6 billion staked.