This would be fun to explore in writing because I have the same confused feelings.

Unlike ICOs, or even other bitcoin-denominated, bitcoin-adjacent scams (like fake L2s), no one is being lied to about utility. Folks are buying in to speculate on the company's ability to attract more speculators while acquiring more bitcoin (which they are speculating will rise in price). It's not much different that the 'scam' of any other stock. In some ways it's better than other stocks because I can't easily verify if Apple is innovating relative to whether Microstrategy bought more bitcoin for example.

The scammiest part imo is that none of these companies actually hold the bitcoin. So the stock's claim on the underlying asset is actually just a claim on a claim. It's layers of legal promises all the way down to the custody of the bitcoin.

It's obviously in a company's interest to own bitcoin, and should make the company more durable, so it make sense to prefer owning stock in such companies all else being equal. But, does it make sense to invest in a company whose sole purpose is acquiring more bitcoin? If you yourself have access to debt at reasonable interest rates, and have so much excess capital you're speculating on treasury companies, I'd think acquiring more bitcoin for yourself via debt is better - because the risk profile is pretty straightforward and there's no premium.