A lesson from historical financial frauds: the internals are often designed to be opaque, because complexity lets the fraud misappropriate more funds before being discovered and unwound. If you want to understand what is happening, just watch the cash.
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Where did the cash come from?
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There were a couple of different waves. In the most recent bubble it was mostly US and northeast Asia retail, as far as I can perceive from the outside.
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To play devil's advocate, the same could be asked of fiat currency: where do the more tangible resources (such as gold, food, labor) end up?
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That, we know full well.
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