> It could be a legal dodge. It could be a power grab. What it will not be is a useful source of computing power

It's a way to get cheap capital to get cool tech. (Personal opinion.)

Like dark fibre in the 1990s, there will absolutely–someday–be a need for liquid-droplet radiators [1]. Nobody is funding it today. But if you stick a GPU on one end, maybe they will let you build a space station.

[1] https://en.wikipedia.org/wiki/Liquid_droplet_radiator