Proof of Work is better described as Proof of (resource) Waste (for late adopters). The only thing PoW attempts to do is increase the amount of capital wasted

Proof of Work is better described as Proof of (resource) Waste (for late adopters). The only thing PoW attempts to do is increase the amount of capital wasted via wasting electricity and computational cycles as time progresses. Ironically if you actually look at the protocol, miners are rewarded less and less yet have to work harder and harder. The vast majority of the supply sits with less than ~100 of the early miners who put in the least amount of work for the most amount of coins.