Yes, you can argue “all economic bubbles are due to financial malfeasance and self-delusion” — strictly that’s very much true. But some of that is on the companies and their employees themselves.
Does Facebook or Twitter or Pinterest or any of these actually reduce human suffering or create actual economic value (in terms of profit and loss) and if they do the latter, is the ROI better than previous companies? My research and financial analysis (I have a STEM degree and MBA) indicates they do NOT.
It’s a bubble. It’s a financial bubble that will crash soon. It’s a technology bubble for which reality will hit soon. And it’s creating a lifestyle and economic bubble in the SF Bay Area that is or already has “popped” as people are driven out of the area, especially non-Tech people. If none of those can live in the area you no longer have a city — you just have a factory in the middle of nowhere.