That's totally what happened. We are in a renaissance of artistry, of artists creating meaningful art out of conviction, and making a living.
"innovation in the space is only accelerating"
They mispelled infinite exploitation of people who are greedy or desperate to believe in something. A common mistake. Pushing ticking timebombs on people as investment and fanning the hype machine, if not outright manipulating the markets can be called innovation, but innovation should involve societal gain too.
Let me share an example of actual innovation. Imagine if you will a database technology that allows encrypted data to be searched and the server to be untrusted, not having the ability to compromise the data regardless of how curious or malicious the server is. This is a very complicated problem, but it would allow for companies with services like Facebook to not have access to your data, unless you shared it, while still being able to operate the service. You would still have to trust third parties or the government to store your encryption keys, and perhaps to ensure the freshness of your data, there is no such thing as zero trust, but we wouldn't have to trust as many parties. We could create a trust infrastructure every new service can benefit from.
This kind of technology would compromise the business model of many companies, but isn't it the goal of Web 3.0 to give ordinary people more control over their lives, their data? I suspect the actual goal of it is to create a use for cryptocurrencies, or maybe find another avenue for growth and exploitation. Don't get me wrong, make as much money as you can, but do something useful. Do something people actually want or need. Don't just wantonly and reclessly exploit them. Create some damn value, something your mama would be proud of.