it gives people much much easier access to a peg to a stable well managed currency like the dollar or euro
Are you suggesting that BTC is either of those? The incredible price-swings, fluctuations, and inherently deflationary nature (which encourages hoarding!) are not great properties for a peg-target to have.
For an asset where no one promised anything but uncertainty, that's the only asset that you can rely on as your insurance against asset seizures, inflation, pumps-and-dumps (compare BTC with any other token with marketing - BTC marches on, while all these tokens get pumped/dumped and then stay forever at zero).