In practice the registries rely on speculators a lot, because it may be in their interest in the short term. Face it, without speculation at all, the figures would be quite lower.
That is to be expected in the absence of popular demand.
Picking up on what you stated here, speculators (i.e. Domainers) are again the driving force behind domains and namely nTLDs. Take the domainer out of the equation and very very few of these domains will be purchased.
It is the domainer who buys them in bulk and essentially subsidizes the initial carrying cost of the registry. If it is not a well funded registry, I very much doubt that they will be able to carry the name long enough to breach the market and make it into the mainstream. Domainers bridge that gap and attempt to make a profit in the mean time.
Consider the idea of a domainer being much akin to a beer distributor.
Great a new mom and pop company is created and they make an awesome beer but it never reaches the stores who's going to buy it? Maybe the mom and pop company is funded well enough to try to bring the beer to market themselves but most likely they will be more apt to allow a distributor to buy their beer and pay the for the logistics/time of bringing that beer to market themselves.
In that scenario its a win/win. The mom and pop company (registry) makes a profit (they sell above cost) and the distributor (domainer) gets to play the gamble game.
In the end, its all about "Familiarity thru Saturation". You get your product in the hands of as many people as possible to get them "Familiar" with it which creates a demand for it. Most people do not like change, they stick with what they know.
I see this same approach on college campuses all the time. A company (software, energy drink, food product...etc) give away large samples (a case of energy drinks, box of power bars), free software license(s) campus wide... what have you.
The idea is to get it in the hands of the people who are most likely going to use it. Let them get familiar with it, let them want it, need it, and then there will be a demand for it. Its like crack... the first one is free.
You get them used to using your software and when they make it out into the real word, they will want to continue with what they know (i.e. your software, which is now on a yearly purchase program).
Anyway... just my thoughts and you cant have them. They are mine!!!!
Cheers