Maybe when it’s Panama. But there is not a single sketchy reason why companies choose to incorporate in Delaware, for instance.

There are very legitimate reasons to incorporate in another location. Some are not only not sketchy, but even altruistic, e.g. incorporating in another state for the purpose of incorporating as a PBC.

What are the altruistic aspects of operating a corporate entity that effectively operates as a casino where you can bet on literally anything?

Did they incorporate as a PBC?

Is there actual case law of people using a company's status as a PBC to effectively hold it to account for detrimental corporate conduct?