I mean, it works just fine for PoW-based cryptocurrencies (with "why are we doing this if there are much better solutions to the same problem" values of "fine") because there the game theory works out, which is "solve hashes to gain a probabilistic lottery ticket for a shared prize pool" having a higher EV than "solve hashes for the probabilistic chance of double spending some money, but if you don't pull it off you gain zero".

Anubis is just "solve hashes to get access to a valuable resources", and if the resource is at least valuable to whoever you're trying to deter as it is to legitimate users, you're not deterring anyone (and by extension, if it's more valuable to them, you're deterring your legitimate users instead).

I mention litecoin specifically, it was developed right after BTC ASICS started dominating, and the LTC goal was for hardness to reward consumer hardware rather than ASICS, it was briefly successful until LTC ASICS were developed.