That's because (as with the release of every new shitcoin) it's just a scam to raise money for the "investors" - by which I mean insiders - and dump it on retail.

Believe it or not, there’s an order of magnitude more transparency in SPACs than in crypto.

A transparent blockchain with all visible and traceable transactions doesn't get anymore transparent than a blank-check shell company exit scamming retail after a merger that went down 99% and then disappearing.

The people operating the blockchains and exchanges aren't transparent. They're extremely secretive.

I consulted for a blockchain start up once. They raised money through ICO, did minimal product work, and spent most of the money on cruises and marketing to raise their token price.

So yes, the blockchain is transparent. It doesn't mean that much.