Tech was just the bubble that came after the housing bubble burst. Low interest rates coupled with the emergent cloud (which imo is as important as the bessemer process) gave rise to only the stupidest businesses. All the big tech monopolies formed before this period. The tech ouroboros featured:

• javascript banks - tech companies that market themselves as futuristic, efficient banks with the fine print that all financial services offered by one regional bank or another and they just have a nice app
• reinventing statistics - all the “machine learning” insurance companies that are using machine learning to calculate the real risk to the pool to provide cheaper premiums, except they just use the same heuristics normal insurance companies do…
• fractional landlords - this is exactly what it sounds like, don’t have enough capital to become petite bourgeoisie? invest $100 in 1/10000000 of a five over one in Texas
• labor discipline - these businesses are all dumb and evil but for obvious reasons will never not succeed in not raising funding
• margin chewing - using software to reduce margins, semi legit business but you can only chew at the margins in an existing monopoly for so long before you yourself are a margin to be chewed
• reinventing shit people can’t afford - most healthcare startups, substituting insulin you can’t afford for javascript
• self driving - bit off more than they can chew, need billions more dollars and 10s of years to have something remotely safe, but the prospect of displacing more labor and public transit was too irresistible to not invest
• business to business rental software/b2b saas - semi legit but most of their customers were the above companies so they will eat shit as the bubble continues deflating