Proffitable mining it isn't a continuous process. In a begining, it was a hobby, which people were doing for fun, with their idling computing power, there was(and is) various boinc projects too. Fortunately for them, the market flied to the moon and their hobby was unexpectedly well rewarded. Well, for some of them it was a planned result. It was a price for having an interesting hobby not being a easy money chaser.
But for now, this market changes. Even the most stupid people are mining now. I'm sorry, it's rude, but just look at those faces on youtube. If it ever going to repeat (ehich is not likely because history doesn't repeat on market, sometimes it's just remind of itself in some form of a bad joke), these gamblers must be ejected so hard that they won't ever look at cryptos ever again even if it'll be bullish again. When mining won't be proffitable (at all) and people will do it just a hobby (for real), then maybe we'll have something healhy.
It still need to cool down. Some of the heat was dropped already, but it's still very hot, people still hoping for a moon, and many of them still buy videocards massively no matter what.
But probably there will be nothing drastic and mining will have some proffit with the help of brain and some cost optimization.