And the big issue is that everyone jumps on it (professionals and amateurs alike) because of FOMO; the past 15, 20 years have been wild in that regard, with loads of things soaring in value going from Apple, to Tesla, via Bitcoin and pokemon cards / "the everything bubble" to now anything involving AI. And people want to catch the boat this time. It's one reason why NFTs took off as hard as they did (before collapsing).

And it becomes self-reinforcing, with people simping (to use that word again) for whichever thing they've invested in. I have serious doubts people actually believe in $product, but they believe other people will at the very least invest in it. And they all believe the masses are stupider (and have more money to invest) than they do.

Finally, it's the wild west. Regulation and consequences have failed, because the people enriching themselves are running the show now. At least in the US, but thanks to open financial ties, they can get money from more regulated countries as well.