That's kind of misrepresenting what the South Sea Bubble was, with meme stocks the public are at least in on the joke, the South Sea Bubble was a private conspiracy/social phenomenon of a different fashion.
Reading some of the comments here it's pretty clear the many truly believe the GME hype: that it was somehow something more than a short squeeze, and that it is magically going to transform into a business with revenue able to support its current valuation.