So "decentralized" in the sense that there are more than one, but it's not some hierarchy-less free for all where anyone can attest to their own identity and trustworthiness and the network just automatically accepts that.
I don't really understand the complaint because you literally can attest to your own trustworthiness through your own cert.
Having others trust you is a taller order. Obviously that isn't automatic.
Certs are pretty dang centralized.
Also, Your second sentence needs a bit more fleshing out because it doesn't follow.
Chain of trust is a decentralized reputation protocol and we use it frequently and effectively.
A contributing factor is that the culture that grew around them makes it uncommon to be able to manipulate your own certificates. If you set up a Web page with your own root cert, you can be sure it will never grow.