They call it a bubble because they live in a bubble.
Things are changing. Everything's changing. No one denies this, yet still there are people who "get" it and people who don't. And then there's the general demos who want to get it, pretend to get it but usually only manage a shallow understanding of what is going on across the globe, and in every nook and cranny of human life.
Not that I myself understand anything so completely. This is bigger than any individual mind can grasp. But still, to quote Erasmus, in the land of the blind, the one-eyed man is king.
And Bitcoin emerged so that those who can sense the spirit of the new era might have a chance at prosperity. Still, each of us has to apply some reasoning and some care or we might lose what we have been granted.
At least that is true at the level of the individual. For humanity, though, and this world of ours, our fate is sealed and posted. The old guard will live to see the collapse of their back-lot fakery and the emergence of this new thing, whatever it is.