I think it's because of the massive economic inequality that people experience today. Working an unskilled, or even a skilled job doesn't go as far today as it has in the past. Many people have internalized that they will never be as "successful" or as rich as their elders. Given that situation, it's easy to see why these risky asymmetrical bets are attractive. A failed investment pushes you deeper into poverty, but doesn't fundamentally change your situation. A successful one has the potential to change your life and break the cycle of poverty for you.

For someone who's about to declare bankruptcy, a lottery ticket is an excellent deal. For the lower class of America, so are these investments.