Proof-of-work is bad rate limiting: https://news.ycombinator.com/item?id=44093918. The playing field is wildly unbalanced. Even naive attackers tend to have a lot more computing power available than a lot of your normal users, and where it’s SHA-256 (which is almost the worst choice imaginable for a proof of work scheme, yet which every single service that I know of has used), an intelligent attacker goes from being hundreds of times as powerful to millions of times as powerful.