It's a really bad example. You only have to look back a few years to see the market with less participants, and look at the market efficiency of acquiring a rocket or say putting 1kg into orbit.

The only way your argument works is if we assume every new market participant is completely ignorant and completely susceptible to bad information. Like participants entering the market are doing so in bad faith and completely clueless, and like bad information didn't exist before participants entered. It's a really stupid argument to make.

So ya, it is disappointing to see happen.