You are right about most things... but I disagree about the bounties. It's not $20, some people already make a good living with it both managers and bounty hunters, and they are not necessarily from the third world. For me, this is beyond fascinating. And even if they are from the third world... isn't this what crypto is all about? Inclusion, decentralization, liberty. I don't want to get political about it, although it's an interesting discussion. Everyone has to start from somewhere some made millions with bitcoin while others are happy to get a few free bucks, just because they can. It's just a different point of view.
Sure, there are a lot of people who spam and flood the forum as they are here for the breadcrumbs and yet it is still amazing to observe this process. Don't worry, natural selection will do its job. Remember YouTube in the 90s? Back then, no one believed you can use the Internet to make money while very few contrarians made millions.
My prediction is that in 5-6 years from now, bounties and crypto will take working online to a whole new level. There will be bounty millionaires as there are YouTube millionaires. I bet 1 BTC on it

Maybe I should write a detailed post to explain my point of view as I feel very passionate about this topic, beyond the financial aspect of it.