I would argue that this is not because it was difficult to see coming, but because most people have a bias that makes it difficult for them to imagine something that's "normal" abruptly coming to an end. This was the era of "I got a loan for this house in 10 minutes. I added granite counter tops, mopped the floor, and sold it for a $20k profit in 9 days." type shows.

TV is TV, but that was genuinely happening. The market was just completely broken.