I don't think it is that deep, at least not for the vast majority of people involved. It's just gambling culture but mostly with idiots or younger kids.
I have been collecting cards probably since the early 90s. What I have noticed is that basically since COVID the hobby has basically turned in to pure gambling. Watching from the perspective of someone who collects for the hobby and not someone who is flipping cards, it is comical how much people pay for young guys cards compared to HOFers or even established stars. Guys that may not play a game in the MLB for years (if at all) will have some of their rookie cards sell or autographs for thousands while at the same time you can get rookie cards or autographs of some of the greatest of all time for less money.
You'll see a guy hit three HRs in a game and his cards will all the sudden jump in price or get hurt and his cards will plummet. It is wild how much people waste in hopes that these guys will turn into something, but if the entry point is $5k for a rookie autograph unless that guy is a perennial MVP that $5k rookie autograph will never be worth more money than it is BEFORE he's ever played a game. Someone paid $1 million for a Druw Jones 1/1 card. Yes it is a 1/1, but Druw Jones would have to be Willie Mays to make that card increase in value. If he isn't winning multiple MVPs out of the gate that person is never getting their money back.
Lesser prospects the buy in is still crazy, I remember seeing someone pay like $5k for a William Bergola Autograph numbered out of 25. While Bergola may be a solid prospect, I can't fathom a scenario where any of his rookie cards are worth $5k, but at the time he was coming off a good performance in the Domincan League so people bought his cards for this amount. It's just a bunch of gambling bros making bad decisions and then flipping the cards instantly to other gambling bros making bad decisions. Eventually I think the cycle will stop but for someone like me who just wants to collect cool cards I don't mind that much. I am happy to buy vintage rookie cards or cards of established stars for relatively cheap compared to the current cards. Haha.
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