DRAI
Draco Evolution AI ETF
stockNYSEETF

I would say one usecase is purely tactical short term position. Something like, you build an AI model to predict what to long and short, then using the leveraged ETFs to implement those positions (an ETF called DRAI does that). Also note that the 2x index ETFs tend to be the least harsh in terms of downward drag. There are people who are comfortable swallowing it and hold it for longer term (thanks to the unprecedented bull market). Single Stock Leveraged ETF is almost always a bad hold.