I think the popularity of these 3dx funds can in part be explained by higher margin costs due to higher interest rates. Retail traders have extremely unfavorable borrowing terms for margin accounts, whereas funds borrow at the much better prime rate. So buying a leveraged fund means taking advantage of these better borrowing terms.
Interest rates shouldn't be relevant when you're taking a position intraday or for a few days
These are only exposed intra day, don't be dumb, reader.
For context: this article came out around noon eastern, when the market was delusionally optimistic. TQQQ closed down 13% from its noon price. It is down 18% from its noon price in after hours trading.