Actually, everyone understands that governance tokens often don't really govern "everyone," but rather those few people who can delegate their votes with a single click and conveniently earn some rebates.

Last night, I looked at the voting page of a certain protocol, exported the delegation relationships, and drew a small diagram (like a ball of yarn).
The top ten addresses are layered and filled up, no matter how beautifully the proposal is written, in the end, it all depends on whether they click "Approve."
The funding rate is now extreme again, and in the group, people are arguing whether to reverse the trend or continue squeezing the bubble.
I think governance is quite similar: lively as it is, the direction is already being driven by liquidity and the sentiment of big players...
Anyway, before I vote, I first check "who is voting for whom," then decide whether to participate.