Because many are. If they can't prove they have the active mining equipment and are a new company I'd assume they're either a scam or a ponzi.
It seems u dint understand the question.
Lol, I'm not exactly sure what op is getting at so I think I also misunderstand the question, but what I don't understand about these cloud mining companies is why they don't just mine themselves instead of giving their profits away? That's why they look like ponzis to people because people think they don't even have any miners and are just paying out of the money put in.
If I accept your logic, then no ASIC manufacturer should have shipped their product. They built and mined for themselves.
p.s. There is an initial cost for everything that needs to be covered. That is why businesses go to public.
