While the greater fool strategy may generally be a losing one over enough iterations and time, it is very possible to make huge money on these plays in the short term. It is not always irrational to buy into an overpriced asset.

For example GME was wildly overpriced at $100 relative to basically every metric and yet it would have been an incredible buy.

I'm not advocating that anyone actually do this, I'm just saying that you are over simplifying by only acknowledging the value side of the equation.