The difference between magic and money is a matter of optics
Magic is an incredible force. It can accomplish amazing things and eliminate countless hours of needless labor. The fact that the pointies hoard it for themselves and refuse to let it improve people's lives on a larger scale is a crime against humanity.
They hide behind the excuse of "the greater good," insisting that ordinary people can't be trusted with magic. To me, that's no different from billionaires claiming that regular people should stay in their lane while the rich handle all the wealth because they supposedly know what's best.
That's why I see the pointies and their supporters the same way I see billionaires and the people who defend them. Whether it's money or magic, it's the same mindset: keep an incredible resource in the hands of a privileged few and tell everyone else that the system exists for their own benefit.
It's the same kind of elitism you see in stories like Elysium. The people at the top convince themselves that they're the only ones capable of using their power responsibly, while everyone else is expected to accept whatever scraps they're given. The difference between them and the pointies is mostly optics.