The valuation before the short squeeze was pricing in the risk of bankruptcy. Covid hit Gamestop hard, and part of why it was so heavily shorted was that many t

The valuation before the short squeeze was pricing in the risk of bankruptcy. Covid hit Gamestop hard, and part of why it was so heavily shorted was that many thought the company was circling the drain. A year later that's no longer such a common opinion, so even ignoring the shenanigans you'd expect the price to be considerably higher.