Compare it to putting your money in a crap investment that loses money (rather than makes 3 or 4% pa).
Plenty of people do that. Plenty of people have no clue what a "good investment" looks like. More likely to take advice from "uncle fred heard on the grapevine that we should buy the Xaoimi IPO" than anything else.
Its hard to evaluate the risk of people making bad investments and losing their shirt. Given that one probably wishes to have a comfortable retirement, certainty of income is probably more important than absolute gains. If you have no family, who cares about the residual value anyway? And if you do have family, why should they get more benefit than you do?