I take a different view of this. I remember the dot com bust. This is a lot like the old IPO mania. Out of those ashes the real companies with real products survived and the culling of the vaporware was healthy for the market.

There are a lot of people in the blockchain space that believe deeply in the technology and are working to see it to fruition. There's plenty that see a quick buck and will leave their "investors" holding the bag. This cycle is not new and I don't think it means everything regarding blockchain is a scam. It's just very reminiscent of mid-to-late 90's Internet mania