Depends on who you ask. Charlie Munger still thinks we are all laughing stocks: https://edition.cnn.com/2023/02/15/investing/charlie-munger-daily-journal-warren-buffett/index.html

But actually, let's look at it from another perspective.

Ordinals will spam the blockchain, yes. However, this could actually be the catalyst to accelerate development of alternate scaling protocols (that is, besides LN) that will make transactions faster for everyone, and stands a chance of being used by everybody (as ordinals eventually will be if its current adoption rates continues on a ChatGPT-like curve).

So it could be the push we all needed to get this scalability problem unstuck - and in a way that doesn't surrender control of transactions to 3rd parties. It will likely be a solution made by a small individual program that augments Bitcoin Core, just like the one Casey wrote for ord.