Indeed. Elon Musk's Dogecoin holdings is a mystery to many. But even if he had 50% of all the DOGE, he would not be able to control the network itself due to the way it was designed. Only miners with their ASIC equipment will be able to do so. I don't think Mr. Musk will be able to afford lots of ASIC hardware just to "steer" the Blockchain to his own direction. If he does manage to pull it, the community will simply fork away to a new chain. That's the beauty of decentralization.
Perhaps he does not control the network itself, because he is not interested in that. He is interested in other games, games with price and crowd behavior, so he is focused on managing the price of this asset.
It is enough to impose regulations norms for coin developers and take them out of the zone of anonymity and scams in this sphere will become much less.