I'm pretty surprised that this scam still works, is it just that there are a lot of stupid people in crypto?
Correct.
Most people who pile in have no understanding of it. All they dream of is a rising number so believe that any offering by anyone who looks faintly official will add to that cos that's 'what it does'.
It's odd how they choose to blind themselves to the humongous losses that preceded the absolute peak they usually arrive at.