It isn't.

The simplest explanation I can think of is that an ecash mint is pretty much Wallet of Satoshi, with the difference that the mint doesn't know that you exist and can't keep your transaction history.

Add fedimint's federated approach and then it's WoS with privacy + it's several people holding the keys and having to coordinate to rug pull you.

It's a custodial design. The risk of rug pull is still there. But it's still much better than the custodial services we have today because it provides a tremendous improvement on privacy (plus other little details I won't go into here because it requires a long and boring explanation).