I think DJED will change your tune when you see it launch in June. I agree with you as the majority of stable coins are a pure sham. Djed has 8x the collateral required and will only be minted or burned depending on the smart contract. Shen is the reserve coin and is not like a normal crypto coin as you can only buy and sell under set conditions. This is maybe over kill but better safe than sorry as they have to maintain the peg.
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We've already seen this with DAI and the issue with an overcollaterlised stablecoin is that you now require more staked to acquire it so what's the point? Why would I want to stake an asset to get a stablecoin that is being devalued by the inflation rate of the underlaying currency it represents?
If it's to trade and a yield so it's self-defeating, because you need to beat the sunk cost hurdle rate before you even start making profit. So why not just get an issued stablecoin or just use fiat? Algo stablecoins are a solution looking for a problem