Facebook and Amazon weren't making money initially but when they caught on they did (and do) quite well. Cryptos are still really new and are going to go through some trials and tribulations in determining market value. Once that gets sorted out I think it will be the norm.
I cannot rememeber whether facebook is currently protitable. But a lot of industry is based on speculation. If you look at the fundamentals of Tesla you wont be very pleased - and yet, the company is skyrocketing. Or look at the orginal theranos, which at one point was valued as billion dollar company and currently is nothing (talk about to the moon and back in a few years).
I agree, the market doesn't seem to factor in any kind of risk because there really hasn't been a significant market correction during most people's life time. I do thing a new paradigm will start to develop soon though.