I know a lot of smart, professional software developers. Many of them, me included, have taken a look at this stuff, or even been recruited to join a cryptocurrency-related project. Some of them even tried it out. But very much on purpose, none of them are currently involved.

So my guess as to why it keeps happening is a sort of Dunning Kruger effect combine with a selection filter such that the people most eager to get involved are the ones least likely to be able to spot the problems.