When everyone is free to create projects this will happen, the number of coins in the market today is more than 13k and I think this makes the competition very tight, in fact many coins die so we have to be careful, meme coins are a trend that is happening right now , maybe most of us don't like it but in general it can be accepted by the public as long as they get profit from it.
The meme coins are not to be trusted even they are giving investors ROI. They have clustered the CMC and increasing the number of shit coin. They will die off as soon they are pumped because they really don't have use or need but just meme. Few coins are valuable like Ethereum , DIA, USDT, BNB, LTC. Investing in altcoins requires thorough research because not all altcoins will survive after a hype of pump.