[DINKDINK]

>The Proof of Work "algorithm" is completely unnecessary for processing transactions

The Distributed Systems community awaits your proposal for a solution to Byzantine Fault Tolerance in open, decentralized, adversarial networks. Why would you withhold an alternative solution to PoW?

>The PoW filter is a psychological tool for "governance" (write access) to the database, granted now exclusively to wealthy capital holders.

No amount of PoW allows a block producer to write data to a node that a node operator hasn't consented to accept by their choice of consensus rules. Your argument is "capital holders" can force consumers to purchase whatever they produce. Consumers induce producers. Producers cannot induce consumers. Producers can /speculate/ that latent consumption may exist but without purchasing consumers, production will eventually end.

>why someone would design a currency system in objection to banks, that inevitably restricts control of the entire network only to existing capital?

Money warehouses and credit creators (banks) are not capital. Capital is the product of work / R&D / creation.