To not do it, would be the banking system holding up a white flag, and giving up all its power it has held over 'us'.for the last 200 years, at least.
White flag? Or simply a case of greedy opportunism? The "we can just issue our own" might be seen as more profitable/less expensive than trying to block an "it" that has no central location you can move against. The US Goverment could ban BTC to their heart's content, but people would still buy it from non-US exchanges and still hold it.
But I can appreciate your skepticism.
the problem with the 'greedy opportunism/issue there own crypto' paradigm, is that it will still lead to decentralized money, ergo a loss of power.
Controlling the money has nothing to do with money. All to do with control.
If the masses get it into the their 'collective psyche heads 'that we don't need centralized governments money, then they will still - ultimately- lose the control they crave.
(a psychological perspective, not money one)