Western economic history is 75% of businesses failing in the first 15 years, and the market still growing because the last 25% has outsized rewards.

More pertinently, we have a long history of people buying into bubbles only for them to crash hard, no matter how often people tell them "past performance is not a guarantee of future growth" or whatever the legally mandated phrase is for the supply of investment opportunities to the public where you live.

Sometimes the bubbles do useful things before they burst, like the railways. Sometimes the response to the burst creates a bunch of social safety nets, sometimes it leads to wars, sometimes both (e.g. Great Depression).