It’s strange to me that both you and I are getting downvoted… probably from people who haven’t actually used it? If you do, then it’s obvious how it’s not a conference call at all. It’s a panel that you might be able to participate in, which isn’t the same thing at all. Anyone can talk whenever they want on a conference call. The moderator chooses who talks in clubhouse.
Conference calls have had guest management and moderation features for decades. Also several dozen social platforms already support livestreams with more functionality like video, files, chat, etc.