Chinese companies giving away expensive models for free is a symptom of the AI bubble, too. It's not a law of nature that they'll always be able to scrounge up the money for yet another training run.
As long as it is in the CCP's national interest to have a frontier model, Chinese companies will have the resources for another training run.
I think it's a deliberate business strategy of commoditization of their complement.
China acts like an entire bloc, not as single companies, and they want to monetize hardware.
Shaping the tool that does the thinking is quite valuable when you're in the business of changing how people think - I think we can expect propaganda agencies to be subsidizing model creation forever.
This doesn't strike me as a symptom of a bubble - except in so far as the bubble pushes the competitors models forwards and thus they need to invest more to stay competitive.