All bitcoin are equal in a perfect world but world is not perfect and third-parties will create external metadata to the transparent Bitcoin blockchain.
All bitcoin are equal in the current imperfect world. Proof: You can trade any bitcoin for an altcoin at the same exchange rate as any other bitcoin.
Chainalysis, Elliptic, CipherTrace, and a bunch of others getting rich by selling this data are a proof that Bitcoin lacks fungibility (as a result).
These three getting rich by selling flawed chain analysis results is a proof that people buy into their nonsense. Not that Bitcoin lacks fungibility. If I, as merchant, decide to refuse to accept bitcoin with TXID that starts with "ffff", or refuse coinbase rewards, or any other bitcoin based on arbitrary criteria, I don't make Bitcoin non-fungible. I'm just partially separating myself from Bitcoin.
If you really think all bitcoins are the same value, would you trade your BTC with a BTC that is known to be stolen from an exchange ?
Do you know with certainty that your bitcoin does not come from an exchange heist? Do you make an extensive investigation when you receive bitcoin, to see if they come from illegal activity?