Not too much longer. I think the big difference is now there are private chains coming out like Aleo, Aztec, and Espresso that use zero knowledge proofs. You can think of them as private Ethereum much like Monero is a private Bitcoin. They've only been possible to build in the last couple of years.
Honestly, I think 98% of Web3 is garbage. It's a worse system than our current financial system. I founded a web3 company in early 2022 based on a new way to put data onchain in a permissionless & trustless way to make smart contracts more useful. People don't actually care about decentralization so we pivoted a couple months after our raise.
Our team explored the space in depth by speaking with established founders and execs of many protocols and companies in the space. It's almost all driven by speculation for imaginary use cases. We went back to basics and asked, "Really, what is the point of this tech existing?" IMHO, the only reason for this tech to exist is privacy.
Right now, there's no private digital cash. I believe the ability to purchase things anonymously is a fundamental right. To me it's the same as private communication. Right now there's no private way to digitally send money. BTC & ETH seek to make this worse by making every transaction public instead of concealed by a trusted third party. I personally believe it's socially important that we figure out stable private digital cash.
Monero/Zcash don't solve the problem because they fluctuate wildly and are largely driven by speculation. Our long term goal is to create a private p2p venmo using a stablecoin. There are definitely up and downsides of privacy as there are with any freedom. Scientology wouldn't exist without freedom of religion, neo-nazi marches wouldn't exist without freedom of speech. All of the illegal activity on the internet wouldn't exist without encrypted communication. Nonetheless, I think the social benefits of empowering individuals outweigh the costs and I don't see any other technology capable of delivering private digital payments.