The thing about bubbles is that nobody knows they exist. So an insider such as yourself saying, “there is no bubble,” is actually strong evidence of said bubble. Necessary but not sufficient.
This isn't really the case. Bubbles usually have plenty of people claiming they are bubbles, and people on the inside privately acknowledging it.
In online advertising there are few people on the inside who think that non-brand advertising is a bubble. It just works too well, in too many places, and too many people are making money using it. It's reliable and effective, and those just aren't attributes associated with bubbles.
Yeah, attributing everything to the last-click isn't the best measurement in the world. But as pointed out elsewhere there are techniques to avoid it.
And there are enough direct-to-consumer brands which launch on Instagram and do nothing else to be able to see how effective it is.
