While I largely agree, the existence of volatile instruments (in the abstract) is a Good Thing in that it offers the possibility of rapid gains for people who are willing to accept risk but only have a small pile of capital, sort of like a poker game with no minimum stake (unless you want to treat the transaction fees as such).
Where else can you take those sort of risks? Stock fads like $GME are notable for their rarity because large capital holders benefit more from stability than volatility. You could gamble in a casino but people don't like betting against the house, which fills the role of a market maker. Volatile instruments like bitcoin are more like a casino where the dealer is paid a fee per hand but is not a participant in the game.
I don't really understand your question. Lots of cryptocurrencies are very volatile, and cryptocurrencies are different from stocks insofar as they lack street addresses, SEC filings etc. (which is part of why they're so volatile).
Where else can you take those sort of risks? Stock fads like $GME are notable for their rarity because large capital holders benefit more from stability than volatility. You could gamble in a casino but people don't like betting against the house, which fills the role of a market maker. Volatile instruments like bitcoin are more like a casino where the dealer is paid a fee per hand but is not a participant in the game.