Many “dark/defunct” companies have went on to do great things. Should we miss out on the opportunity to get in on ground floor? Millionaires don’t give a shit about risking a thousand bucks for a potential hundred thousand dollar return. This disproportionately affects the 'have-nots'.
The SEC having a list wouldn’t equate to “tipping off insiders”. You obviously aren’t very good with logic. A public list would make things fair for everybody who does their DD.