Bitcoin uses a Proof of Work algorithm that makes it the perfect victim of ASIC mining. As a result, hash power is not very decentralized (more than 50% of Bitcoin's hash power is concentrated in China and most of that is concentrated in a small area). Furthermore, considering the fact that just a handful of companies produce efficient ASIC hardware, those companies essentially have complete control over the hashing power of the entire network.
Other algorithms have been developed that are memory intensive and are ASIC-resistant.
Is there a reason why Bitcoin won't move to ASIC-resistant algorithms (aside from the fact that it would require a hard fork)? In other words, do ASIC-prone algorithms fundamentally provide any benefit (in terms of security or scalability) over ASIC-resistant algorithms?