How are crypto gaming companies operating given that most of them are illegal?

This may be a dumb question, but I’m having trouble resolving this.

Primarily I’m looking at a Solana gaming project, the gist of it is:
- token gates playing said game
- the token acts as an in-game economy
- in game efforts are rewarded with the token
- there’s a gambling mechanic where you use said tokens to get items, half is burned, half is sent to treasury
- the token is being openly framed as appreciating with growth

This entire game is essentially an unregistered investment contract. Now my issue is, theres a lot of these games being openly developed and being speculated on X. No one is talking about the fact that this is illegal. I couldn’t find a single post reflecting said sentiment on X. Instead, people are speculating on these games and more of them are coming out.

Why is this the case? Where is the enforcement? Is there some sort of loophole these games are using?