I think the problem is that there is, globally, only a handful (well, a few dozen handfuls) of individuals who can really move the needle by a lot just on a whim. If tomorrow I decide to dedicate the rest of my life to making the metaverse happen, that's just one idiot toiling away. If Zuck decides the same thing, in a few years it might be socially unacceptable to not have fun in the metaverse.

Having just a few people have such an outsized influence might still be acceptable, but (and I think this is Stross' point) they just exhibit such exceptionally bad decision making as to what to focus on that it's hard to defend. It may be that there are tons of billionaires that just spend their money on luxury items and the occasional philanthropic venture, and who we don't hear much about. But the ones we do hear about really seem to be the poster boys for "money corrupts."