"There can't be an AI bubble because people really like the product" is a really dumb sentence. The housing bubble didn't pop because people stopped wanting houses. Market actors oversold product to people who couldn't afford it, then defaulted. And the derivatives built upon those sales and loans defaulted with it.
The AI industry is selling things to people at a discounted price, the true cost of which customers could never afford. It's not about if the bubble is going to pop, but when.
This is not about the usefulness or impact of AI, those are literally unrelated to the issue. It's a financial problem.