Leverage vs Arbitrage

Why do so many influencers and traders shill and mess with leverage when the risk seems so high and so many people lose more than they make, compared to arbitrage trading, which seems much safer, has a much lower risk profile, and has no risk of getting liquidated?

Personally, I am not big on risk—I don’t trade memes and stay away from leverage—but at least from a technical point of view, I can see how arbitrage could be profitable and safer for those who actively want to buy/sell/trade and move their investments around vs. just buying, holding, and selling once it’s enticing enough to do so.

Leverage asks risk to what is already a volatile investment – is the big draw the excitement / high stakes? Arbitrage seems like it would take a similar amount of time/energy/investment. While the returns might be smaller they can be systematic, repeatable and don’t suck you in to the emotional side of trading? Is there a higher skill barrier level of entry or something I am missing? Or is the key difference that these influencers get referral link commissions when they push leveraged products, and the extra dopamine from higher risk trading?