I'm with you. Eventually people would probably create something like banks from their pooled M0 created by fiat. But unlike the current system everyone would be aware it was their money and not some intrinsic value of the banks' so there'd be significantly less nepotism, corruption, etc. Just the initial sheer distributed nature of it would significantly help.

Those extra productive ideas and businesses generally aren't. It's just that money begets money and then people confuse being wealthy with positive traits enabled by having money, like productivity.