No, you're not delusional, it is definitely a concern. Users will be more willing to trust known mint runners with a good reputation, but that makes the mints easier targets for the state. Anon mint runners would be harder to find, but easier for them to rugpull users without consequence.

The arguments I hear are that federated mints would at least make it harder to rug users, ability to quickly spin up/move mints to better jurisdictions, and to only keep spending cash on it them - not large amounts you can't afford to lose.

Even though I think the strong privacy/offchain/instant aspects of ecash is cool the major problem I have a hard time getting past is reintroducing trusted intermediates again when the whole point of Bitcoin was to remove them