If I sold you a stock in my company that gave you none of the traditional shareholder rights I'd also call those shares "fake", which seems to be what's going on here.
But they're absolutely not fraud or "fake stocks".
So if what this is doing isn't any different than a bucket shop... I think we'll see the same outcome.
Esp for chain running evm compatible contracts that are more scalable than ethereum and can have millions of ephemeral validator nodes.
Of course this doesn't address contracts being written out of Russia or traditional financial havens, but how valuable is a vehicle which can't be used to move assets into or within the US or Europe?
I think the question of enforcement is the wrong one.