It is probably a combination of greed, impulsiveness, and evolution.
The greed would come in the form of the ICOs that were all the rage, collected Millions in a very lawless manor, and then were squandered or absconded with by the teams running them.
The impulsiveness would be seen where the technicians that knew block chain well and how to create a platform technically, not really have a handle on the business or how to build a plan to survive the future and invest the money well.
Evolution would bring more players to the market with similar ideas, and just do it better (marketing, planning, core technology etc.) I mean, as much as I love the marijuana industry, how many potcoins do we really need? ;)
I had no idea the number would be so high!