IMO OpenAI jumped the gun and rushed an immature product to be there first, no matter the costs. The other players saw it as a threat, and started running with the same carelessness. It has been spiraling since then, and while the product keeps improving, their business model hasn't demonstrated sustainability.

Their CEOs know it, and they must have their end game. I'd hate to think they'll just keep running until a hard crash. Hopefully small corrections will slow this down in a more controlled manner.