In hindsight, that’s about the least surprising thing for me. The smart contract system (like everything around cryptocurrency) was not designed and implemented by legal or financial experts. It was designed by tech bros who think they’re smarter than everyone else because they’re competent at programming and/or math.

That’s the generous interpretation, anyway. The less generous interpretation is that the people who designed the system knew it was all bullshit and just wanted to scam people to make a quick buck.