Lets put it this way, remember how most of ETH nodes are hosted on AWS? Okay so now increase that problem by 1000 because now you'll have "validator" nodes hosted on...well only the most popular cloud platforms!

Guess who owns the most stake in ETH? Well its a premine so of course its the scammer Vitalik himself. Man can "vote" to just take coins from people for example.

Remember how Tornado cash got sanctioned? Well that service runs of ETH, so Vitalik could "vote" to revoke the Tornado cash smart contract! and he would by the threat of a gun or jail time.

There is a reason Bitcoiners build things the way we do.