Current non-spam demand for blockspace is probably 1% of the available supply across all L1s and L2s, yet the crypto world is still obsessed with L1s and L2s. Why is there not a massive push towards applications to fill said blockspace? Please make me understand why I'm wrong and what I'm missing?

IMO because L1s & L2s are like big public companies. You can check their Coinmarketcap, TVL & all other data. And these numbers are big, and people like big numbers.

Also, there's a bias that "when there's goldrush, sell picks & shovels" is a low-risk strategy. Which - looking at zombie chains - doesn't seem so.

Seems like a telecom bubble all over again - investors overallocating in infra, waiting for apps to emerge.

Building @kiwi 
Writing @ https://kanfa.macbudkowski.com/

Seems like a telecom bubble all over again - investors overallocating in infra, waiting for apps to emerge.

https://www.fabricatedknowledge.com/p/lessons-from-history-the-rise-and