It is very likely that FOMO has caused many of the large investments that occurred in the dotcom. At that time, many companies launched into the market offering almost fantastical solutions without even having infrastructure or technology (something similar to the rain of false whitepapers that left more than one investor sad). It was a big scam.
At present, the market and the investors have matured, they have learned from the mistakes of the past. This should give greater stability to the future of crypto.