Why is it bogus? Because we have more people than we had in 2000. We have more houses, more cars, more computers, more phones. If M3 stayed the same, that would be deflationary, because the same amount of money would be spread over more stuff.
Why do you think a constant fraction of every dollar the Fed creates should go into the S&P 500? Private markets, debt markets and bank reserves have soared since 2008, for example.
This chart is the financial equivalent of "a series of tubes."
The s&p 500 is not an index of all corporate growth.
The S&P 500 and DJIA are limited to a fixed number of corporations. The NASDAQ is allowed to expand it's number of listed companies over time.
If you look at the NASDAQ figures it's able to show considerable and relevant growth, as more companies have listed. (Still not at 2000's peak, but much closer than the S&P or DJIA.)
For more thought experiments compare your stock value to coffee or a Big Mac.
https://inflationchart.com/spx-in-coffee/?show_adjuster=1&lo...
https://inflationchart.com/spx-in-bigmac/?show_adjuster=1&lo...
Essentially no gain, it's all paper, your purchasing power stayed exactly the same even invested in one of the greatest "bull run" stock markets of all time.