It's a bunch of bullshit, mixed with many slick ideas.
I believe in web3, but I also believe that art NFTs and crypto bros running grifter companies like MtGOX and FTX give it a bad rap.
Luckily, the ecosystem is now big enough that you can avoid that crap pretty easily.
It’s not centralized, but the players are incredibly good at moving in lock step together.
This is most obvious on Twitter, where one of the loudest crypto/web3 cheerleaders will introduce a new idea and within hours all of the other loudest crypto/web3 accounts are Tweeting some variation of the same thing.
The whole industry isn’t centrally coordinated, but they’re all reading the room and playing whatever game seems to be getting traction on a given week.
... and Poloniex and 3AC and Bitconnect and Terra and Celsius and Quadriga and BTC-e and and and...
The scams in the ecosystem outweigh the good by 100:1 or more. It doesn't matter how big it is if all of it is crap.
Could you elaborate on what definition of Web3 you believe in?