It absolutely does not. As a developer who has worked to secure software systems, I fundamentally reject your assertion that "just trust the code" is a better security policy than "employ trustworthy people".
We just witnessed one of the largest frauds in all of human history. It would have been nearly impossible to trick every client that exists that can examine the chain. You are so wrong it is unfathomable that you are being honest right now.
The is the point I am making that you refuse to understand: You don't have to trick the clients, you have to trick the people; one way you might trick the people is with bogus software.[0]
Consider that Tether is obviously a scam but continues unabated to this day. Better tooling is not going to fix the problems you think it will, because the incentives are all stacked toward dishonesty and fraud.
First, the greater community that would "accept" such an audit that is simply proof of on-chain funds is not dumb enough to download some random "Bitcoin wallet" that shows fake numbers for one single company.
Second, the fraud you're alleging Tether is doing is off chain! It's in the fiat world! It's not happening on-chain. Stop blaming a system that literally mathematically precludes fraud (within the system itself, of course).
