Having said that, in Crypto it's a much more compelling argument because it's like "Here are some obvious, big costs that are fundamental to the system, and there are almost no benefits" whereas in AI the nature of these algorithms is that we're likely to improve them, so comparing training GPT-3 is kind of like measuring the power draw of the LHC. It's certainly big and it's certainly something we can talk about, but no one thinks we're going to be building 100,000 LHCs.
For AI, sure, for crypto (if PoW), no.
If energy was a tenth of the cost, PoW crypto would use 10 times more.
Supply of energy is limited, and so there is a market effect: overconsumption by some players can increase the cost to other consumers.
Market economics should mean that the resulting increase in profit margin turns into an opportunity for more-cost-effective competitive entrants.
Most of this assumes no collusion between players in the market. If, for example, company A provides a product that is knowingly energy-inefficient and half of their board members also sit on the board of energy company B that is experiencing record profits -- and could easily acquire company C that theoretically has a cheaper energy production solution -- then perhaps problems could occur.
0: https://www.smithsonianmag.com/smart-news/five-percent-power...