When the barrier was lowered, 99% of stuff in the Web 1.0 space was bullshit (remember <blink> and <marquee> tags?), and Web 2.0 was bullshit also (PHP developers making lots of crappy insecure stuff)... the 94th social network for cats and toasters, where they vacuum all your data and sell ads, or charge you hundreds of dollars for a feature that consists of changing one variable somewhere.
Sometimes it was fraud, other times it was just money-losing economics ("traction") where VCs would prop it up and then hoped to dump the stock on an eager public in an IPO before making a dollar in profit (SoftBank took this to the extreme). Other times it just led to monopolies that sucked up everyone's data, engaged in surveillance capitalism, distracted them at dinner and made everyone have the attention of a goldfish. Oh yeah and made them depressed and insecure, especially teenagers.
Sometimes it was fraud, other times it was just money-losing economics ("traction") where VCs would prop it up and then hoped to dump the stock on an eager public in an IPO before making a dollar in profit (SoftBank took this to the extreme). Other times it just led to monopolies that sucked up everyone's data, engaged in surveillance capitalism, distracted them at dinner and made everyone have the attention of a goldfish. Oh yeah and made them depressed and insecure, especially teenagers.
I'm not sure that's much better than Web3.