Product Management (and Tech) Bubble?

I wonder if we're in one... I can see arguments on both sides:

We're in a Bubble:
- Market has been flushed with "cheap" money for a long time due to super low interest rates, leading to 1) more desire for riskier ventures (such as startups), and 2) cheaper borrowing costs for enterprise companies. BUT the "cheap money" party may end soon with interest rates rising
- We could see some serious regulatory efforts in the next few years, which creates some uncertainty. Worst case scenario may be regulation that is so complex and onerous that only FAANG companies can comply and thrive, thus increasing barriers to entry for new companies and hindering innovation
- Salaries seem a bit too high! Perhaps FAANG companies can pay them, but I wonder how that bodes for technology efforts for non-FAANG companies... Will they be forced to "overpay" for tech talent and thus not achieve the ROI they need to keep digital efforts going?

We're NOT in a Bubble:
- We're still riding the transformational wave of Web 2.0, which has been accelerated by COVID over the past year
- There are plenty of industries and part of the economy where digital transformation is just beginning (healthcare and education come to mind, but I'm sure there are many others)
- We are starting to see some indications of a Web 3.0 movement, particularly with Crypto, but perhaps with the Metaverse (I'm more skeptical about the latter, but a lot of smart people are betting on it, so I'm open-minded about the possibility!)

What do you think?

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