The "boredom markets hypothesis"

Bloomberg columnist Matt Levine has come up with a "boredom markets hypothesis"

He posits stocks today are driven not by estimates of future cash flows but by bored Americans with nothing better to do but trade stocks "with their buddies on Reddit"

And Levine's latest suggestions include the "Elon markets hypothesis":

The boredom markets hypothesis says that people will buy stocks when buying stocks is more fun than other things they could be doing for fun. The Elon markets hypothesis says "that things are valuable not based on their cash flows but on their proximity to Elon Musk"

Analyze the implications of this "boredom markets hypothesis"