Actions taken based on the actions of other players in the market without (much) regard to the underlying companies has been a factor in the wider markets for decades, if not centuries. See the entire field of technical analysis for example. It's hard to argue that the wider stock market is "not designed" for such speculation. GME had a bit of a wobble, but the wider stock market is absolutely fine. (Actually, GME itself is also still fine. The stock trades just fine and the company is still around)