I'd posit that markets are completely detached from the real world and are more of a speculative/religious element than an indicator of any ground truths.
Edit: I just realized I missed a sentence of yours where you kinda spoke to this. I still believe that this is more of a rule than an exception - there is nothing inherently tying markets and reality together - they're mostly about people making bets on what the next big hype is; not on what is actually useful to anyone.