When you pull up the financials for many newly IPO'd companies you'll see that many of them have questionable ability to ever generate profit, and most certainly not at the size they are at. However all of them have pretty healthy cash reserves from the (obviously overvalued) IPOs they just went through.
Facebook/Meta was the poster-child for "don't worry about profit, just worry about growth!" For years it was assumed that Facebook proved this strategy made sense, but even today we're seeing this giant falter. Even if Facebook pulls it off, it doesn't mean that many of the "growth is all that matters!" startups following in its shadow will.
We'll see companies fail, but this bubble will take a lot longer to unwind than the dotcom bubble.
I think Uber might be a better example of the strategy you're referring to.