Has retail completely abandoned looking at "tech fundamentals" in favor of pure liquidity momentum?

Looking at the current market layout, it feels like the gap between project infrastructure and actual price action has never been wider. Teams are spending years engineering incredible layer-2 scaling solutions, cross-chain privacy protocols, and zero-knowledge tech, only for a completely useless token with zero utility to pull 10x the trading volume in a weekend. Are we just lying to ourselves about "investing in tech infrastructure" at this point, or is utility eventually going to catch up to speculation?