Doesn't the "Peak ___" construction imply that the thing becomes less desirable as a result of its saturation? Horses and sailing ships didn't become less used

Doesn't the "Peak ___" construction imply that the thing becomes less desirable as a result of its saturation? Horses and sailing ships didn't become less used because they were overused, they became less used because something sufficiently better came along. There was no real "peaking" for those items as far as I can tell.