It may not be a bubble but it can be used for major pump and dumps creating volatile ups and downs. It should stay decentralized but if major companies and corrupt organizations use this to their advantage it will be the average joe with a stake in bitcoin who suffers.
Just look at Venezuela's curropt gov. creating the "petro" crypto to try and stabilize their economy. Politicians want to wash thier hands of the mountain of rubble they created and stay "look, at least we tried".
Right now we are in the "Look at whats over here, phase". Then its the "poke it with a stick phase" to see what it can do, then its a "lets find something else". Bitcoin is now and will be used to create and leverage contracts anonymously with the ability to hide most of their trails. Military, political lobbying, and political campaigns will soon be financed; if not already, by cryptocurrency.