There was definitely a lot of stupid stuff happening. IMO the clearest accurate way to put it is that it was overhyped for the short term (hence the crazy high valuations for obvious bullshit), and underhyped for the long term (in the sense that we didn't really foresee how broadly and deeply it would change the world). Of course, there's more nuance to it, because some people had wild long-term predictions too. But I think the overall, mainstream vibe was to underappreciate how big a deal it was.