Risk is always there, and there is nothing wrong with making mistakes or spending your funds wrong, but it's important to improve upon them.
While taking such risk, it's wise to know what you are up against and also be confident to accept the losses that comes afterwards. Some persons are only pressing forward in taking those risk because they are expecting a huge profit in return, they don't tend to think that the market is dynamic and can still fail them if they don't take their time to make an accurate analysis for the market direction. One need to learn from their mistakes and improve themselve. You should know that there isn't really anything you could make money from those and that is why you should avoid them, there isn't anything you can learn from that, you should already know this. Of course you could make mistakes, there are levels of mistakes that is acceptable and that could make sense but that's only acceptable if you take a risk that makes sense to people as well, otherwise if you are investing into something shitty then do not consider that as a risk that you should be taking at all.
It boils down to the view of it by you yourself and others in such case, really
For some it's dumb, for some - it would be genius. Then again, on the memecoins, I agree with you - you can't make mistakes with them twice when you know what they are about.