It feels like so much of the IPO class of 21-22 was just a 0 interest rate phenomenon. I did this analysis of fintech IPOs last year. So many of them are down by 80% and growth is slowing. https://yarn.pranshum.com/ipos_int
SPACs effectively raise money before they even find a business model. There is no balance sheet, there is no cash flow, there are no profits (or losses).
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So while yes, your discussion about "bubbly IPOs" is warranted, its also kind of off topic with regards to SPACs. SPACs are just another level of risk far beyond IPO.
I feel like a comprehensive discussion would compare IPOs in 2022 vs SPACs in 2022, and see how the two methodologies compared.