I think that's part of it, but I also think there's some merit to our intuition as well; sometimes you can viscerally feel if you're in a boom or bust cycle. During the reality TV phase I remember thinking "this is all garbage", and then shows like The Sopranos and The West Wing kicked off an era that had me thinking "I literally can't keep up with all the good shows; there's too much good TV to watch." I think this was a pretty common feeling, and not in hindsight but during the era. In gaming I remember marvelling at a PC boom in 98-99, and then hating the "xbox-ification" of PC games for a few years after that.