It's then a bit disingenuous to say that it's "modern finance with features ripped out", I would say it's modern finance with a different set of priorities. Two of those priorities are reliability and verifiability, which are two features the current networks have absolutely none of.
To my knowledge, bitcoin just achieved 4 nines of uptime since the genesis block -- impressive in its own right to be sure.
Bitcoin may not be so verifiable itself, right, after all, the longest chain wins and over 50% of hash power is located in the PRC. I'd say a strongly worded memo from Beijing that a new longest chain needs to appear is a bigger weak point than the worlds largest payment network with 5 nines of reliability over the last few decades suddenly decides to stop working, or that they'd stop scribbling down transaction data and avoid getting audited/fined/shuttered.
That aside Bitcoin's real issue was never on-chain, but off-chain. Tether and Bitfinex aside, to get a real, truthful, accurate accounting of transactions within the bitcoin ecosystem the weak links by a country mile are the tumblers, the exchanges and so on. Their reporting data is, shall we say, far from tip top. Just ask QuadrigaCX.
Old boys network or not, the up and comer needs to be better, not "just different" or "measurably worse."