It’s even worse that this. A SPAC is basically like an inverse bullshit detector. If a company can raise private capital then it would, given the lower scrutiny

It’s even worse that this. A SPAC is basically like an inverse bullshit detector. If a company can raise private capital then it would, given the lower scrutiny. If it was mature and low-risk, it would IPO to lock in major institutional capital. So SPACs are in a Goldilocks situation for scams. The companies that all seemed to be trying to SPAC were companies that quacked and waddled like real companies, hoping to profit off of the speculative fervor that was gripping real but overhyped companies. In other words, it actively incentivized a ponzi system where the public markets were a cushion for speculators.