It happens all the time with scams; games, companies, cryptocurrencies, anything and everything. If it seems dumb, it is because humans are dumb.
Uh, I hate to say it, but anyone -- no matter how "smart" they are -- can fall for scams, end up being conned, and STILL praise the people that conned them. It's fascinating to read about and there's a ton of great books on the subject. Reading them made me realize anyone is vulnerable, including myself.
There's a lot of factors that go into it, but ultimately it comes down to sunk cost and not wanting to be ashamed you might be that stupid, dumb idiot that gave away thousands of dollars for no reason. You create reasons; you find excuses.
And if you think it can't happen because you're too smart or savvy, you're actually the perfect mark.