Reasonable by 2024 standards or by 1990 standards? I'm fairly sure that the P/Es of today would have been considered overvalued a few decades ago, when profits actually meant something, dividends were handed out, etc.
Google's PE is 25 today compared to the S&P of the 1990s 15 https://www.multpl.com/s-p-500-pe-ratio/table/by-year
That said in the 1990s the US had access to a huge new market (the USSR market), something that US companies don't have today.
Share buybacks decrease supply of shares relative to demand, so share prices increase.
Share buybacks are likelier to happen the more profitable a business is.
A higher share price at time t+1 than time t means the shareholder can earn a profit if they buy a share and then sell later.
Ergo, profits mean something.
Edit: as a reply to the comment below this, please take a moment to look around and identify anything providing you utility that was the product of a publicly traded company.
Apple, Microsoft, Meta priced for modest growth.
Do we live in the same metaverse?
AAPL priced for modest growth? The $3tn company???
For those reasons avoiding companies that pay significant dividends is a superior investment strategy (because it means more competent management or management that doesn't consider the stock overvalued).