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for one reason, appchains are preferred because it enables teams to own the stack, yes it can scale & be customised well but comes at the cost of composability, even Aevo by Ribbon is migrating over to its own chain, so this will be interesting to see

other Q, aren't L2s doing much to make the infrastructure scalable?

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L2's are already a significant improvement in terms of scalability but as we've seen, they are still prone to gas spikes. For perp exchanges who need to handle a large amount of daily throughput, L2s may not be the answer in the long run (Think hundreds of thousands of daily users). App-chains giving exchanges more customizability also indirectly gives them more scalability.

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