A senior high quality person, who I trust, who recently spent several years trying to promote prediction markets, reports the following relevant quotes:

A G7 government official and advisor to their head of state:

“The prediction market experiment was a success, but we will not proceed with the programme as it interferes with our ability to shape the narrative around the direction of government policy.”

A leading bank CEO:

“Your crowdsourced real-time risk radar is remarkable, but we will not use it here. The only person who tells my board about unexploded bombs in this bank is me and people who answer directly to me.”

A partner at a prominent US-based global management consultant:

“The objective truth should never be more than optional input to any structural narrative in a social system.”

A Ivy League Management Guru:

“The problem with prediction markets is that they are the irritating precocious young child, entirely unfiltered socially, and yet forever talking about the elephants in the room that it may or may not be appropriate to talk about.”

Perhaps you can see the pattern here.