It's making a lot of money for very few people but...
huge electricity usage
huge gpu prices
low gpu availability
it feels like a scam
Yup. That's exactly what it is. It's a legalized gambling/pyramid scheme.
Yet here it is, sucking tremendous resources and supply just to get a few wealthy. And people are delusional thinking the next 10 years will resemble the last ten so naive people rush in, and here we are. Eventually there won't be anymore greater fools and the game will be up. I just hope it's sooner rather than later because having to wait to get a GPU or console is ridiculous when many of the chips in supply today are wasted on gambling and stupidity.