How about this: instead of worrying about some sort of "bubble" that would only realistically affect manufacturers and retailers, how about we just keep on buying things we can both afford and enjoy, and just see how things play out down the road? There's not much reason to stress over it if you don't have skin in the game.
There will always be nice things we want but can't afford. But so long as there are enough people who like those things but can't afford them, there will be people designing down to your price point. You might not get
exactly what you wanted at exactly the
price you wanted (hey--we'd all love world-class custom knives for free, after all) but you can get preeeetty darn close.

I'm actually constantly amazed these days looking through distributor catalogs and being unable to tell at a glance whether I'm looking at a top-dollar knife or an economy model, both because high end knives have gotten so over-the-top extravagant in appearance (to the point of resembling jarbenzas, in my opinion--just plain tacky) and because economy knives are now able to be found with surprising degrees of complexity to them without being rendered total garbage.
This is more like a golden age than a bubble. There are certainly a lot of "flash in the pan" makers these days, but that's partly because of the combination of advancements in manufacturing tech and the way social media lowers barriers to entry for finding an audience. And yeah, it's a saturated market that's hard to make it big in, but that's the case with most mature markets and you'll see lots of little startups come and go. It's just the revolving door of industry. There's still plenty of us in things for the long haul.