Two things come to mind.  

The reason why this happens is rooted in the fact that much of the financial system is nothing more than an exercise in moving risk from those who dont want it (or want to minimize) to those who do. 

Why are mortgages securitized?  Because banks then can move the debt from their balance sheets to those buying the securities tied to it.  The buyer is assuming the risk.

The other is the notion that debt is bad because it isnt repaid.  This is actually more in line with human nature.  Not everything we do is going to work out.  Hence, a certain amount of the debt (and money) has to be eliminated through default.  

No matter how prudent the lending standards, a certain percentage will encounter loss of job, health issue, or other factors that mean they default.  This leads to the foreclosures on homes and repo of cars.  The rate will fluctuate based upon the business cycle but it is always there.

At the same time, businesses fail due to mismanagement, competition, or technology.  We can have the best business plan or model yet there is still a chance we default.  Whether this is bonds or a loan, the result is the same.

So with crypto, are we altering the program?  Hard to tell.  Money creation still entails a certain amount of failure, no matter how you slice it when.  Thus, when we collateralize an asset, there is the value of that along with the ability to repay to consider.  

By the way, this is volatility is a reason why collateralizing using an asset tied to a stablecoin is better than ETH or BTC.  We can remove that from the equation with a bonded version of HBD as an example.

Anyway, volatility aside, there is still the repayment factor to consider.  What is it that prevents you from paying is going to apply equally to the present system and crypto (one widescale lending is built out).

Perhaps we can do things to mitigage what is happens.  It will be an interesting experiment.

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