Centralized Bitcoin would be limited supply by the banks and the government and I think it would actually success faster than the actual Bitcoin and would already catch a mass adoption by millions at some countries due to way better regulations and partnerships with central banks but I think it wouldn't be a "revolution" such Bitcoin is. It wouldn't be game-changing in our economic system so it would be just a waste idea but it would be quite funny to see the government and all the banks trying to convince us to buy Bitcoin.
Bitcoin is what it is. But what would it be like if it would be centralized, managed by the government and central banks?
Bitcoin is also the most concentrated asset in the world. About 1,000 people hold 40% of the current global bitcoin, and these 1,000 people have the ability to influence the overall pricing of Bitcoin. Considering that the rise and fall of Bitcoin is not based on any related assets but based on human emotions, high concentration may be more risky.