Coinbase has racked up $2 billion in losses for 2022 already, so I’m not sure about the “not morons” part. At this rate a bankruptcy is not out of the question.
I think the point is that coinbase is struggling to compete when there are tons of exchanges out there offering low/no fees and ludicrous interest payments on coins kept on the exchange. Even if those other 'exchanges' do all seem to be turning out to be ponzi schemes... For whatever reason people keep flocking to the next one.
