destruction then prosperity and so on and you can win big both ways, playing both sides.
Smart miners have a plan to make profit because they have saved up acorns during the good times, which they can spend soon to buy a boatload of equipment for cheap. They have enough fiat saved up to pay the power bill during the coming hard times. They never paid over MSRP for the equipment and started paying off all loans when the price lost momentum in June 2021.
Dumb miners bought all their GPUs on credit (or leveraged their ASICs). They paid above MSRP for the equipment in the middle of the bull market rather than the beginning. They didn't sell any coin during the bull market, or worse, they levered the coins to buy even more equipment at inflated prices. Now they have no cash reserve to fall back on when profit goes to zero. The only way they can pay even half of the credit cards is to liquidate everything.
this overpriced cards (hefty profits) is addicting to them, see that intel has joined the club. they will create/plan something to keep this "economy" alive.
It would take years for a new GPU PoW coin to reach the same market cap as ETH, even if these manufacturers got lucky and somehow launched a currency that users/investors had confidence in. So this is a long-term play, not something that can prop up the mining market now.
Even if you can simply turn some gear off for a few months.