Yes, you are absolutely right. It's centralized and risky and it is not a crypto-currency in the real sense of the word. It may disappear without a trace if the company who created it decides to do so. However, what I like about binance coin is its relative stability. For example, during the last 6 months or so, BNB has lost much less than most of the other alts. So traders on Binance may use it as a temporary store of value. Other than that (and trading fee reduction on Binance if you trade frequently), I wouldn't take it for a serious competitor among the other coins.
Yes. It's stable because binance is stable now.
Whatever it is a bear or a bull market, people will trade on binance. So they will need to buy binance coin, pay fees, etc...
Some years ago Mt. Gox collapse was so abrupt and phenomenal, nobody was expecting. Binance may be more stable and have better security, but it's a huge attack vector. There are also other risks associated with binance, such as regulation, possible legal problems.... it's almost like buying a share of a company in the stock market. However, in a almost non-regulated market, where scams and legal problems are much more common.
But, anyway, it was a phenomenal investment (whoever bought it early).