exactly. This is the main value of the "web3" era of blockchains. There's absolutely no decentralization in the way they are governed. It's just enough decentralization so that it can be argued that the users are interacting with a piece of software that the developers wrote, rather than the developers themselves, so that way there's no legal relationship between the two.

That being said, I'm not entirely sure it's a bad thing...especially outside of the US/europe banking I get the impression that banking regulations are arbitrary and political and if all we get from crypto is escape from those regulations it may be worth the extra fraud and so on.