I think bubbles form and pop all the time. I would add (in the US) home price bubble, biotech bubble (of mid 2010s), cybersecurity bubble and more.
Pops are less noticeable when a lot of money is sloshing around so deflating one bubble immediately start inflating something else. Worker bees can switch to the next thing in the same "building next great thing, work is plentiful, money no object" environment.
So the bubbliness, IMO, is a function of the macroeconomic state, specifically the amount of money in the economy. Things get sober (and very ugly) when the money printing cycle ends, as it eventually must to avoid sliding into hyperinflation. My 2c.
Pops are less noticeable when a lot of money is sloshing around so deflating one bubble immediately start inflating something else. Worker bees can switch to the next thing in the same "building next great thing, work is plentiful, money no object" environment.
So the bubbliness, IMO, is a function of the macroeconomic state, specifically the amount of money in the economy. Things get sober (and very ugly) when the money printing cycle ends, as it eventually must to avoid sliding into hyperinflation. My 2c.