Maybe it's your understanding of reality that it's flawed.
Show your work here though. I'd point to P/E ratios over time [1]. That's a very common signal used when valuing a company and today those ratios are much higher than historic averages, nearing the ratios we saw before the dotcom bubble burst.
[1] https://www.currentmarketvaluation.com/models/price-earnings...
Valuing a company needs to take risk free interest rates and future growth into account, so it's difficult to compare across vastly different companies and time periods.
Alternatively, we could cherry pick a single company. How do you justify tesla's p/e relative to the other car companies? From where I'm standing it doesn't appear to make any sense.
Differences in any of those factors between companies or between time periods will determine why a company is valued the way it is. Interest rates are way higher now than a few years ago, and still lower than they were in the 90s. Some companies have cool business models that give them an edge, eg. Being able to generate lots of free cash, being able to invest cash at high returns, borrowing at lower rates, looking in customers, or making deals that will assure high revenue growth for the future.
I dont know much about TSLA but I don't think the market sees them as just a car company any more than Amazon was just a retailer.