I just finished a governance proposal, and the comment section is lively, but on-chain voting seems like it was scripted long ago: once delegation starts, big holders quickly gather votes with a single click, and the rest just click "Support/Oppose" for a sense of participation. Frankly, many governance tokens are often governing not the protocol itself, but emotions and attention.

What's more awkward is that recently cross-chain bridges have had issues, and oracle errors happen, yet everyone is shouting about decentralization, while secretly waiting for "confirmation"... waiting for whom to confirm? In the end, it's still those addresses and funds with the most delegation that make statements. The signs are quite obvious during a downturn: the few people who actually look at retention and interaction tend to have fewer votes. Anyway, when I look at governance now, I first check the concentration of delegation and the on-chain activity before and after voting, then see if the proposal is well-written.