Nonsense. Don't you know how bubbles work? Everyone does massive rushes for all the low hanging and medium hanging fruit. The the bubble pops and the randomized carnage of companies big and small being destroyed is sifted through by the next wave of companies actually intended to make money.

The good ideas and the bad ideas don't signal success in a bubble, nor does making money or not. Its random and any notion of "this was a good business model and that was bad" is post-hoc rationalization. The number of people who make fun of pets.com but order from chewy.com is a prime example of this.