Such government guarantees or programs like FDIC are moral hazard. They give depositors a false sense of security their money is safe or guaranteed. It all works as long as things are going well but as soon as there is a crisis and the majority of people or a large minority (20%?) want their money back the cracks in the facade begin to appear.

Nothing beats real risk, when depositors are forced to realize they are taking a risk whenever they put their money in a bank they are forced to do their own due diligence to determine if the risk is worth the return. Why have banks gotten away with lowering their interest rates on deposits to near zero? Because people think the government has their back, there is no risk, when in reality there is always risk.