Reliable pub/sub that supports message rates over 100k/sec (even up to the millions) has been available for a while now and with a great deal of efficiency (eg; the Aeron project). The incredible amount of effort to support complex partitions, extreme fault tolerance (instead of more clever recovery logic), etc. add a lot of overhead. To the point of talking about "low latency" overhead in the order of 5ms instead of microseconds or even nanoseconds as is expected in trading.
Worse, many startups try to adopt these technologies where their message rates are miniscule. To give you some context, even two beefy machines with an older message queue solution like ZeroMQ can tolerate throughput in excess of what most companies produce.
This is not to discredit the authors of Pulsar or Kafka at all... but it's just a concerning trend where easy to use horizontally scalable message queues are being deployed everywhere. Similar to how everyone was running hadoop a few years back even when the data fit in memory.