Maybe it isn't a ponzi scheme (I'm no expert) but even after looking up all the acronyms (and maybe especially after looking them up) this sounds like an episode of Schitt's Creek.

But let me try to actually understand.

You provide liquidity to a pool in exchange for a token and accumulate trading fees, while maintaining ownership of your capital.

Ok, first of all this sounds like a bank. But it's decentralized? So what happens when someone has a majority of governance tokens on your DEX?

Yes, correct. First of all, you'd probably DYOR and ensure that the governance tokens at least have the appearance of being community owned rather than centralised, and secondly you'd probably need to ask yourself what having majority voting power on a governance token really offers. It's like shareholder voting power (which is typically held by a majority or a few majority stakeholders), you probably don't want to vote for something if it's going to throw all your other investors under the bus.

Stepping back from that, you need to understand that initially you're dealing with smart contracts. The governors can't fundamentally change the underlying aspects of the contract.

So let's say, "worst case scenario", the governors could decide to reduce the emissions rate of governance tokens on the staking pools you're interested in. Well, they haven't fundamentally changed the underlying contract, you can still unstake your LP token from the farming contract, withdraw your liquidity from the pool and end up with (some combination of) your original capital + any fees you earned over that time (impermanent loss is a topic for another conversation).