I mean, isn't a company's valuation decided by the company themselves? Rest, when market forces are controlled by private hedge funds, asset management companies, and retirement funds, I feel normal Market rationality cannot be assumed. Market ownership right now is highly concentrated in these entities, and they have all the incentives to keep these valuation up for the reasons you stated.

It's interesting that the more you learn about the market the more it looks like a ponzi scheme😂

Not only can you take loans against your shares, but you can pay the interest on those loans with dividends from the shares, and because they're a loans, the cash-in-hand is not taxable, so you pay NO TAX on it. You have no "income" on paper, but you can pay people and companies with shares instead of money, shares that you can literally conjure into existence by typing numbers into a spreadsheet. Those money and shares are really useful for greasing the palms of politicians, government officials, and hangers-on so that you can get your way. You can even use this money and influence to cause riots and stoke division in society.