There is an overlap between the "value investor" crowd and the naysayers. I know a guy who gets his opinions from mainstream media and who thinks Bitcoin is nothing but a bubble. Some years ago a department store chain in serious trouble was on the stock market for less than its book value. He considered buying.

That's value investing for some people. A lot of people have their heads stuck in sand/in the past.

Department stores have their entire business model in crisis even without technologies like virtual reality being developed. Covid-19 was a black swan but it definitely made things much worse for them.