Needs to be compared to the Banking systems world wide. Saying it wastes electricity isn’t understanding how it works. Most Miners are is China and they are usually powered by Hydroelectric power stations and use what can’t be stored.
The energy that is used secures the Blockchain, meaning that to undo that work is prohibitively expensive and impossible without all the equipment needed to do so.
If Satoshi was one person, they would be the richest person on earth due to the Coin they mined in the early years of Bitcoin.
What gives Bitcoin it’s value is the Rarity of the coin x the energy it costs to make the Blockchain. Also added to this is the other coins that are now out there and what is used by them.
There are scams out there as with everything of value. You just need to learn how these happen and how to avoid getting caught up in them.