100% spot on. While Plutus never outright lied they were disingenuous and suckered a number of retail investors to gain a large block of voting power. This proposal adds nothing to the Arbitrum ecosystem besides bailing out Plutus.
Staking mechanisms that earn rewards through inflation of the native token do not work (and we’ve seen countless examples of this). If it isn’t real yield (ie. protocol revenue) then its rubbish.