Too me all that is happening is a repeat of the Dot Com bubble. It's the VC bubble now.
It is largely driven by investor FOMO.
Just before the Dot Com bubble burst In 1999 Microsoft was valued at over $600 billion, it took them another 18 years to get back to that valuation. This is like Tesla today. A good company that is grossly overvalued.
On the other hand was the infamous Pets.com that sold products at a loss and even had super bowl ads. The more they grew the more they lost. They don't exist anymore and this is similar to the Ubers of today.