inefficiency here can actually be useful, it's similar to password stretching. If you know someone had to burn $10 of electricity to make an authentication, it hurts more to get banned.
Except for the tons of CO2 that get pumped into the atmosphere in the process, or the blackouts its causes, or the fact that there are tons of more useful applications for that energy, like heating homes, running air conditioning, charging electric vehicles ...
PGP did that 31 years ago though, faster and more efficient and without all the downsides?