I dont think the market will crash for the "pros" like hololive and nijisanji and even the dumb little twitch vtuber clique, but all these people who see a fad and just want to jump on it like Pokimane will get burnt out on it soon enough. As for all those channels that just report on vtubers, I can see them keeping the avatar until they stop making vtuber videos though I agree they're all really fucking ugly and cheap looking.
My comment was addressed more about "average Joe" getting into stuff. By the time when the market hits the "I got interested" point there are several somewhat established members that usually are the reason for kickstarting the whole thing by getting coverage.
When the let's play trend started, there already was Pewdiepie, Markiplier, and later Jacksepticeye, they are still there and mostly make the same content (except Pewdiepie).
If we apply this to vtubers, the established players, in this case, are Hololive, Nijisanji, and some smaller organizations. The ignition point of the market was those videos that crossed over, like FBK's Scatman, the Nigga compilation, and other random clips.
When the market crashes they won't go away and still will get a decent amount (lower than peak, but still liveable) of viewers. What the crash is going to affect the most are the people that are thinking of starting right now.
I don't forsee that there will be above average success rate for vtubers that are starting now compared to regular youtube channels.
Imo, the vtuber trend should be viewed as lets players: part 2.
