Most people don't care about the fundamentals of equity valuations is the crux of it. If they can make money via derivatives, who cares about the underlying valuations? I mean just look at GME for one example, it's been mostly a squeeze driven play between speculators. And then you have the massive dispersion trade that's been happening on the SP500 over the last year+. And when most people invest in index funds, and index funds are weighted mostly by market cap, value investing has been essentially dead for a while now.