Yes, that's my entire point. There was also a railroad hype cycle and an internet hype cycle that took in massive amounts of overinvestment, and all three things remained as regular things in the economy with bigger or smaller roles after the hype cycles ended.

See https://en.wikipedia.org/wiki/Railway_Mania and https://en.wikipedia.org/wiki/Pets.com for some info on the other hype cycles I mentioned.