It sucks that they're going mainstream, providing incentives to bad actors to profit from their power, and it sucks that they've gone so heavily for the predatory gambling market to boot.
I really hate this duality.
Are you sure it's not survivorship bias or similar? I've seen multiple trend lines that are very confident only to switch to the opposite outcome at the very end.
But there is plenty of research on how well-calibrated they are. For example, https://polymarket.com/accuracy
I would invite you to look into the statistics on foreclosures, bankruptcy, and gambling hotline traffic which compare jurisdictions that have allowed this stuff vs not. Those with demographic breakdowns help to show those most at risk.
Polymarket has $5 million of wagers on "Strait of Hormuz traffic returns to normal by end of April?"
The toll Iran charges for safe passage is $2 million per ship, and at current prices such a ship would be carrying about $200 million of oil. Oh, and we live in a world where a single billionaire will happily spend $200 million to influence politics.
The polymarket number merely shows that nobody's paid to make it higher or lower yet.