There are much worse things too. At least with crypto you only lose as much as you put in. Adjustable rate loans can (and do) completely wipe people out. I'd argue those are far worse than pretty much anything in crypto.

EDIT:

As of a month ago they still do (at 2x anyway.) Also that still has a ceiling on it. Yes if you leverage your entire life savings you can get in trouble but at that point I don't think it matters what you're securing the loan with, that's just extremely irresponsible.

And again, it's the debt that's causing the issue.