Why is cryptocurrency disliked by many in government/investors/financial institutions and called a scam?

My intuition tells me it threatens the fiat system, but I was wondering if there’s more to the story. I don’t know too much about cryptocurrency other than fact it automatically accounts for financial transactions with blockchain. Is this something that is useful enough for there to be the hype that there is around it? Please give me your thoughts on the intrinsic value of cryptocurrency. My initial judgement tells me the automation/secureness/logic of blockchain is what gives cryptocurrency value. Other than that, it’s just another unsubstantiated currency similar to fiat currency.