I approve your statement if you agree to replace "financial product" with "scam". Thank you in advance!
Why scam?
Because, in practice, as other have explained, it cannot survive - not even in theory. It's impractical, it's slow, it's expensive to transact with. It's the first cryptocurrency, but it also is the worst. It wastes so much energy that I'm not sure how people with green living can touch it with a ten-foot pole!
I think your analysis has counter-factual conclusions.
Is it faster and cheaper than the free Venmo, Cash app, Zelle, PayPal, and now Google Pay? NO! It's not 2011 when it offered some benefits in theory. There are other cryptocurrencies, which are orders of magnitude better.
Must drive you nuts to believe this and yet see bitcoin become so ubiquitous
Except that it's not. Plus, I'm not angry - I'm have a great fun observing greedy people repeating the same mistakes so many times. Stupid people never learn! Greedy people never stop! I will paraphrase, but in my country, we have the saying: "Greed breaks your neck."
What a whimsical financial product.