It reminds me a lot of the late 1990s.
We had an impressive new technology (the Web), and everyone could see it was going to change the world, which fueled a huge gold rush that turned into a speculative bubble. And yes, ultimately the Web did change the world and a lot of people made a lot of money off of it. But that largely happened later, after the bubble burst, and in ways that people didn't quite anticipate. Many of the companies people were making big bets on at the time are now fertile fodder for YouTube video essays on spectacular corporate failures, and many of the ones that are dominant now were either non-existent or had very little mindshare back in the late '90s.
For example, the same year the .com bubble burst, Google was a small new startup that failed to sell their search engine to Excite, one of the major Web portal sites at the time. Excite turned them down because they thought $750,000 was too high a price. 2 years later, after the dust had started to settle, Excite was bankrupt and Google was Google.
And things today sure do strike me as being very similar to things 25, 30 years ago. We've got an exciting new technology, we've got lots of hype and exuberant investment, we've got one side saying we're in a speculative bubble, and the other side saying no this technology is the real deal. And neither side really wants to listen to the more sober voices pointing out that both these things have been true at the same time many times in the past, so maybe it's possible for them to both be true at the same time in the present, too. And, as always, the people who are most confident in their ability to predict the future ultimately prove to be no more clairvoyant than the rest of us.