If by "bubble" you mean something where the vast majority of hype wasn't lived up to, it certainly was. If you mean that every company engaged in it will fail, then of course, but that's a high standard.
Assuming this was posted for a wistful reflection on recycled skepticism about web3, then I assume you're willing to tolerate the same number of failures and the same lack of endurance in all but one or two companies and implementations.