A bandwagon effect is when people do something primarily because other people are doing it. This imitative tendency can drive both real wealth creation and bubble-like phenomena disconnected from wealth creation. In Silicon Valley, both good and bad bandwagon effects can be found yoked to unicorns: startups valued at over a billion dollars. For a tiny minority, the question is whether to become part of the unicorn itself. For the vast majority though, especially outside of Silicon Valley, the question is whether to jump on the bandwagon being dragged behind it.
Other than the age-related bandwagon tips being a barbell strategy, this screams "every X wants to be a Y", like every blockchain wants to be a ponzi scheme, and every ponzi scheme wants to be a reserve currency (thx Yarvin). This this how VC feels like? https://www.lesswrong.com/posts/yEjaj7PWacno5EvWa/every-cause-wants-to-be-a-cult