Proof of stake solves this. Proof of work is basically proof of stake in foreign mining hardware and electricity bills. You've heard of small POW chains getting attacked (vechain, ethereum classic) but have you heard of any POS chains having such problems? Caveat: Crypto founder.
But people want Bitcoin. I'm not sure what a proof-of-stake migration would look like, especially with how much miners have invested in hardware.
One of the things about the current boom in cryptocurrency prices is that the underlying technology is irrelevant for most speculators, as long as the ledger is secure. So yes, there's a technical solution for this, but Bitcoin is still popular.
