I have similar doubts. In this context, the Tau-Chain concept with its proof-of-code-execution is extremely interesting.

Generally, it's hard to have a negative outlook about Ethereum when you consider the enormous funds they now have at their disposal but I think there are many aspects that people buying ETH are not aware of, e.g. who will verify the newly created smart-contracts in terms of their potential malign behavior? Also, I think in many cases of Ethereum start-ups, their businesses could easily be built using a centralized solutions - being on blockchain gives them no real advantage except publicity.