This is the inherent schizophrenia of crypto. 

A Delaware C-corp raises equity capital to build a user-facing app, while building an underlying protocol destined to one day welcome as many competitors as possible, and whose token will capture most of the liquid value.

Somehow the team must navigate the contradiction.

The thing that tokens do a good job of is aligning economic incentives and governance of open protocols, specifically as an alternative to companies.

Many are sorta security-like, but global securities laws are balkanized, outdated, and technically incompatible with crypto, so we do this weird decade-long dance.