On one hand, it's more clear now the potential bitcoin has and it's closer to achieving that so there's less risk, but the upside is lesser because of the already higher price. Alternatively previously the potential profit was much higher but the risk was more. I'm not sure which was a more attractive investment proposition.
If we look at most of the newbies here, then they don't really mind the risk considering that they have been going nuts on shitcoins to find the next Bitcoin or Ethereum. If you also add that most people by now have figured out that pretty much every altcoin goes up more than Bitcoin does percentage wise, it's an easy choice for them.
In the end, it takes time for people to appreciate why crypto has value in the first place, which is why bear markets are great. Instead of focusing on gains, they can now read into Bitcoin for example, engage in discussions here, etc. Almost every person here started as get rich quick noob, people often tend to forget that.