Theranos at least fell apart once the WSJ put out extremely strong evidence that it was fradulent. The innovative tech that Nikola claimed to have was shown to be fradulent months ago, but they're still worth billions of dollars.
It is because of TSLA, there is a significant number of people who do not understand that the EV industry isn't the same thing as the furniture industry. You can't just spin up a real EV company the way you can spin up a real furniture company. But they don't see it so they want to get in on the ground floor of the next TSLA.