The thing about bubbles is that it's devilishly difficult to tell the difference between a total sham and a genuine regime shift while it's happening because the hype level is similar for both.
Sure, it certainly could be difficult. But this is often because of information assymetry — the purveyors are making big claims about the dragon in their garage. [1]
If your intuition told you that there ought to be some evidence for grand claims, you would be right to be suspicious of the continuing absence of suitable evidence.
