"Ours not to reason why, ours but to do and die."
Or so it feels many days.
In the real world, stocks do serve to allocate capital to companies. See Tesla's stock issue (last month?) for $5billion, which it then used to pay back bondholders who could have taken over the company had they not been repaid. A wave of the magic wand, more stocks issued and Voila! $5billion in Tesla's bank account. No stocks issued = no money.
Many startups use the money from issuing stock to pay bills, rent, hire employees, do research, etc. The secondary market that we participate in can veil these actions to a large degree.
Now how does crypto fit into this? What value do they bring to the table? There's no company issuing crypto as stock per se, to use as a capital allocation method. In my opinion, crypto serves merely as a store of value, like gold. "Of what use is that?" One may ask, but only one who has never lost everything due to war, inflation, fire or theft.
YMMV.