So we need a more robust normative debate about the justification for the existence of a database (that serves only for fetishization of data for data's sake), because leaving everything up to a completely unregulated market is not a good idea?

I don't see how your argument makes any sense.

We do need to think about where we are going and why. That applies with any new system, whether it's driven by the excitement of creating a cool data ecosystem, or just a raw profit motive. Whether this particular system is "useful" or not is not a good test: a lot of silly things get traction, and a lot of worthwhile concepts fail.

It's not enough to be an engineer and build "cool stuff". You have to consider the consequences.

(I'm using "we" language because I believe in some kind of socialism and strongly object to the narratives being proposed by blockchain enthusiasts or seasteaders who want to give up on the idea of any kind of state authority)