Because running 1 business is easier than running 100 businesses. It takes a lot more than writing good software for a company to be successful.

It's very simple: because it is not working and it brings risk.

You can't fail software project you don't start. But if you can sell tokens to company that fails, that's just profit for you!

LLMs aren't good enough to do project from start (and I mean actual start - getting requirements, figuring out the market etc.) to end. Hell it apparently isn't even good enough to run simple web store (even if it can write one).

It is a great multiplier for people that already know what they want to do, so they are selling to them.

Selling tokens in conjunction with a phone number or credit card yields signals for surveillance for intelligence agencies that can be tied to individuals. This keeps the firms relatively out of trouble with the federal government. This makes them too big to fail. Being subject to such surveillance is in fact is a strong reason for conscious individuals to seek to move away from them in the long term once the quality of competing AIs reaches a shared plateau.

They're doing the other thing too via numerous startup acquisitions.