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Why would nation states care if their utxos are being tracked? It's hard for me to think on this level.
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When other nation states are trying to blockade them, it matters. Iran's stability required interaction with markets, otherwise it's one key asset, oil, is useless. It needs money to function like any other government. When cut off from cash or equivalents, it begins to suffer. This is an age-old issue for Iran, otherwise known as "Dutch Disease."
https://www.imf.org/en/publications/fandd/issues/series/back-to-basics/dutch-disease
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It seems like what matters is that it is uncensorable, not that it is private.
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If that was the case, Bitcoin is not the right vehicle. BTC has never been private.
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Not surprising. The transfer is almost immediate, the value capacity can be huge, and the coin is accepted globally outside of Swift. It's the perfect alternative channel aside from chain tracking. That last bit is the reason why Monero still exists, LOL.