it many times felt like a MLM model, specifically based on how many folks these companies hire. That much staff for tech is must when you have to tell the story and build a fan club.
Again, I waiting on sideline watching how it shapes, still very little knowledge and exposure so I could be judging more with knowing very less facts.
Totally not defending them, and depending how much staff you've seen (if it's in the hundred, yeah probably for the show) but I work in video game development with blockchain related stuff and even if I don't work in myself, blockchain dev seems indeed require more staff than usual, because each base feature using web3 seems indeed a lot more complicated (relatively, but a good x2-x5 for seemingly basic stuff). Another 'fun things' is that everytime you want to use blockchain for money transaction (probably more for legit than scammy uses since it's mainly important for time resilience) you want to target more than one blockchain, in case the blockchain encounter issues in the future.