So...unworkable business plan(s) from poorly run cult...er...companies, overbuilt commercial real estate when there's a huge multiyear down trend, poor planning by customers, fraud, throwing good money following bad ending in a business failure. As long as they aren't declared 'too big to fail' and the burden is shifted from the grifters to the public isn't this how capitalism works, painful as it might be?
Much like the last time commercial real estate took a giant dump on everyone (early 2010s?), clearing out the bad actors might be a long term good.