Wealthy people have multiple bank accounts structured in various ways so their deposits are fully FDIC insured. For example, when the IndyMac bank of California famously failed in 2008 something like 8% of its depositors weren't fully insured.
It's possible for even a very modest personal or business account to occasionally have balances that exceed the FDIC insurance. A construction company, for example, has very erratic cash flows.
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As you stated, bank CDs sometimes pay very high interest rates. Coupled with FDIC insurance, bank CDs can be desirable investments especially in worrisome times.
If necessary, It's easy to borrow on a long-term bank CD or cash one in before maturity with a small penalty.
The average IHUB "player" is too busy flipping his beloved stocks to consider alternative investments.
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