What Happened to Clubhouse?

I don’t agree with this thesis. Clubhouse is not and was never an “institution.”

What happened to Clubhouse is what’s happening to all our institutions. When you remove the barriers for entry in politics, business, and media, you get less a culture than a nightclub scene, where the Drakes and Mark Cubans sprint from hot new location to hot new location, trying to outrun the cryptopunk brokers. More and more, as they pass, they bump into each other and collaborate on projects. When the trusted and untrustworthy mix, you reach a point where you avoid all institutions because you can’t trust anyone.

If I didn't know better I'd think this was a classic pump and dump. After all the founders and early investors sold some of their shares at the $4 billion valuation. By the time they added Android I was left wondering how was this ever hyped at all?