All of these are funding mechanisms, and just like the real world, you either make a smart investment or an uninformed one. Many people made uninformed investments in the crypto world. It wasn't the mechanisms, it was the projects and the people who fueled the scams and failures. It doesn't matter what's next...everything will continue to be the same until people are smarter and projects are better planned, have a product, and serve a genuine need/use case.
I believe that the people who are currently making uninformed investment decisions/gambling on shitcoins today probably think that they could get lucky like the shitcoin gamblers during the last bull cycle, and the bull cycle during 2016 and 2017. BUT the market has changed and people have gotten smarter. That's probably why there will not be an "Altcoin Season" where they know they'll lose their money. They will simply
HODL Bitcoin.