They can also signal value based on their willingness to compete over the ledger. It's an important point to make because people that don't control their own hashpower are entering into a trust-based system. Take El Salvador as an example, they don't hash at a sovereign level just to monetize their power. An equally important reason they do so is to ensure permissionless access to the network. I speculate that a "public" mining pool consisting mostly of regular everyday people is going to emerge as a serious competitor in the industry over the next 10 years. People have a lot more power than they currently realize.. and to ensure censorship resistance they must engage in the power competition.

that power isn't to compete "over the ledger", but kust for the next block so they can get paid. its a business. it's literally no different than starting a company that makes shoes or builds houses or teaches people in a school. that is simply a business. the difference is that when somebody becomes part of the Bitcoin economy, it doesn't matter how big and powerful any of the miners are, that oerson still has the same value in the Bitcoin economy. big or small miners don't change that value.