Theranos had all the financial backing they needed, and a coterie of ex-gov, ex-military elites playing defense for them against the FDA for years. Their plan was explicitly to lie, mislead and obsfuscate for as long as they could.

BlockFi is just incompetence without the SBF-like malice.

Theranos was exceptional in its industry, where most actors sell valuable products, have existed for decades if not centuries and will continue to do so for the foreseeable future.

BlockFi is just your typical blockchain company, a complete waste of money if not a scam, see FTX, Terra, BitConnect, MtGox and so on. An exception to the rule would be a company that's not a complete disaster run by ignorant, arrogant scammers.