Bonds are much less risky too. So when interest rates were low, it made sense for investors to put money into companies because with bonds you got a tiny return

Bonds are much less risky too. So when interest rates were low, it made sense for investors to put money into companies because with bonds you got a tiny return guaranteed vs a high risk but potentially large payoff. Now, bonds are guaranteeing a 5%+ return, so a non-profitable business is much less attractive as a proposition.