The issue with all these so-called insurance coverages is that they really don't help anyone who's got serious money on the line. If a man has tens (or hundreds) of millions on the line, those piddly government insurance plans won't even put a dent in any incurred losses.
FDIC is financed by Fed Gov. So, its from the FEDs point of view that the benefits will accrue. Not the investors POV. Seems the FED considers the "crash and burn" of a few billionaires as a healthy exercise ( e.g. Hunt Brothers). On the other hand the FED certainly considers "Bank runs" as barbaric. A loss of confidence by the large class of Depositors is totally unaceptable.