Almost all bankruptcies in the next two years are going to blame COVID-19. "It wasn't us, it was the $external_factor" is a way for management to avoid blame. In some cases (restaurants especially) the health crisis has wrecked businesses that have been profitable for many years and the external factor is legitimately the main cause. In other instances, the company was already headed toward bankruptcy and the virus is just the straw that broke the camel's back.