I’m new to Ethereum and have one question — why is it so hard to buy? Why so many absurd identity checks?

I've bought through Moonpay and Coinbase, and the level of checks they go through — a very limited number of verification documents, selfies with the document, and even live video conferencing, are really absurd.

Why can I sign up and be approved for a margin brokerage account at Fidelity or Vanguard, where I can buy securities on credit, with far fewer hoops to jump through?

I have confidence in Ethereum and smart contracts as a platform, but this entry experience for non-technical people who just want to buy a coin really feels like amateur hour.

Please understand, I'm not trying to invalidate Ethereum, just the opposite. This seems like a major barrier to adoption, so can someone help me understand why it's so different from every other interaction I have with other financial services companies?

Thanks!