There are still interesting use cases for blockchain based applications and payments. I'm not sure that these uses justify the current valuations. Similar things can be said about traditional financial markets or momentum driven stocks.

Cryptocurrency markets exists on the extreme end of over-financialization. Bubbles and financial mania are not unique to blockchain tech. Pets.com would be another example. These things exist downstream from easy money policies.

Most of the hyper-grifters have pivoted to AI + blockchain hype.