Most “blockchain” tokens aren’t blockchain tokens. Out of the 2,500 or 2 billion tokens that exist or will exist, only a few show some element of promise. A lot don’t even run on truly decentralized blockchain networks which means that they don’t fulfil the promises of true blockchain technology. I’d put this “few” as 1%. Most projects, in my view are trying to meet unrealistically high expectations with little resources or are trying to shoot to the moon without building adequate infrastructure to launch their rockets or whatever they think will make them profit.
Most blockchain token issuers appear to me to be normal guys who (probably unintentionally) fed their investors and potential investors big promises but realistically could’t achieve such huge promises. If they can’t deliver, their token value reduces.
The issue is most of the technologies blockchain token issuers can’t deliver on their promises to meet certain use cases. Inability to adequately satisfy use cases means that your product is for the most part useless and no one will use it. I suspect that this may be partly why a lot of companies are opting for internal blockchains. Rarely is there ever a need for them to take the risk on an external project that doesn’t work.