Those returns were funded by other people's losses. It's a net negative on society because now we have a few people who are richer and many who are poorer because of crypto. Overall we are better off without it.
This may be true depending on what (which cryptocurrency and what time frame) you’re talking about. But it can also be true for other cases that the returns were funded by easy money created by central banks that were deployed to chase higher returns (hence the stock market bubble and the cryptocurrency bubbles).
I don’t agree with these points, having seen loss making companies have sky high valuations and stock prices (see Amazon in its first decade and a half, Netflix, and some more companies that had or have a large negative P/E ratio). Companies being profitable is not a requirement for stock prices to go up. It’s been all about how much a company can grow revenues (taken as a proxy of increased market share) even if it’s losing money.