Yup. Add to that the decade worth of ZIRP following the 2007ff crash and Covid... all that money has to exit the system again eventually.
We've seen that with the dot-com bubble in the past, a lot of the "dark fiber" that we use and rely on today was gotten for incredibly cheap after the collapse of debt-fueled customers and, subsequently, the collapse of the ISPs.
That scenario is what I am afraid of repeating, partially because a lot of the market (especially at the tail end, such as datacenter companies investing into buildouts, and consequently construction companies investing in machinery and staff) is fueled by debt and a domino-level collapse can trigger another cascading debt default crisis that can then send off banks into failure.