Many investors haven’t figured that out yet but they will eventually and they will be the ultimate bag holders once the bubble bursts for Tesla for good.
There are other companies that are remnants of what they were but they still survive on hype. It just takes a long time for them to die. Another example of that is IBM. They are functionally done in the tech world. It just takes a long time to die other companies that fit that mold is Xerox and Kodak still floating at a much lower level, but they are functionally done.
But they are and that's the key part of the scam. The index funds will have to buy these, since they are so highly valued. Index funds in turn are very popular investment devices used by pension funds, banks, individuals etc.
I think you may not understand the problem. As noted, unmanaged/passive index funds invest using market capitalization as a metric. And anybody who is invested in these ETFs thus unknowingly buy into these astronomically overhyped companies, and once these company valuations fall (and they will), pension funds/IRAs/401k will be the bagholders.