You are basically calling out the fact that the Emperor has no clothes. Many said this before. While it is a true statement, it is not going to help. Because, as you rightly said, it is a mania - like the tulip mania of 17th century or the manias of many forms today. The mania continues to evolve and flourish through it's peak and then go down. For that matter, there is hardly anything that is not a mania. Think of agile processes, timesheets, LoC based productivity, ...

The corporate mindset keeps going through different mania at different times. It could be initiated by some consulting gurus (processes), or some security nerds (strap yourself down until you can't move), or peer pressure (fear of missing out), or presentation goals (show that you are a AI-powered and modern company).

We can't remove or stop manias. Infact that is not the goal. The music should go on and the dance should go on. Everyone is in this dance - customers, businesses, supply chains, governments, thinkers and philosophers. It's a world-wide dance. So it's OK. The music track won't last forever. It will change and dance will change.

The right question should be: How can I make money by exploiting other people's mania?

This mania can also be called "herd behavior" or "crowd psychology". There was that book a while ago about the intelligence of crowds, but far more common is the stupidity and insanity of crowds. Business and politics are mainly driven by it, but the tech industry routinely falls to hype, trends, and decades-long mistakes that seem obvious in hindsight.