I'm with you on this. Bitcoin should never get to highly valuated because it massively increases the cost of keeping it running.
Unfortunately when the game is simple everyone plays. The higher the price the more lucrative it is to have your mining rig. You will always justify: well that's cost to guarantee that money safe.
Bitcoin is terribly slow for a day to day applications. However, the more valuable it gets the more people will invest in off chain alternatives(scams included).