Why would people use Web3?

I'm curious, why would individuals and organizations choose to utilize Web3 over the current iterations of the internet? Could it be the potential for increased decentralization and user sovereignty, or is there something else that makes Web3 appealing? How do the features of Web3, such as blockchain technology and smart contracts, contribute to its appeal and potential adoption? I'm interested to hear your thoughts on the benefits and drawbacks of Web3, and how it may shape the future of the internet and digital economy.