No, if anything, I would say a very unfortunate trait of existence right now is that reality does NOT tend to punish corporations for being completely idiotic, at least not very fast at all.

Look at musk's companies. They will basically never (on any near timescale...) produce GAAP profitability and yet their IPO is in the trillions. To the point that S&P refusing to suspend their GAAP profitability requirements means the index will basically never see this company in it (which I'm quite pleased about).

The power of already-accumulated capital is simply more powerful than things like "don't be completely pants-on-head stupid about a recent fad" "don't seig-heil in front of the world stage" "there's no point in having people come to an office just to spend all day on zoom" etc etc etc.

The market can remain irrational longer than you can remain solvent, and companies can remain irrational longer than you can go without contributing to your 401k.