The "L2's create liquidation fragmentation" narrative has always been very weird to me.

Every chain is siloed off from every other chain - if you want to do something on Ethereum L1 and you're on a different L1, you have to bridge - there is no way around this.

Yes, this isn't the perfect world we all want of 1 single unified layer, but it is the reality that has existed since day 1 of this industry. There does not exist a reality where everyone is on the same layer and this should be obvious to everyone by now.

Ethereum embraced this "multi-chain future" that everyone was shilling in 2021 except it did it by keeping all of these new chains in Ethereum's orbit (with the rollup/L2-centric roadmap).

On top of the above, doing interoperability between layers that share the same root of trust (aka L2's settling down to Ethereum L1) is much easier and much safer than trying to do interoperability between different roots of trusts (aka different layer 1's). Ethereum is working towards this with things like AggLayer, shared sequencing, preconfirmations and more.

Ethereum is (trying) to build for reality that already exists and make it a better and safer experience for everyone - it is not building for a reality that people wish existed.