I don't think the "sneaker bubble" will ever burst.
The entire market is comparable to Beanie Babies in the late 90s... its an expanding bubble that's destined to pop. Kids.... literally children, dominate the current marketplace. Their interest in shoes is based entirely around their monetary value and notoriety from their piers, not true passion. Only a matter of time before they move on to something else.
Just like fads of earlier generations, Nike is completely saturating the market. Nike is following the Beanie Baby business model to a T. Everything is pseudo "Limited", has a silly nickname, quarterly releases become monthly releases, turn into weekly releases now we have a multiple new releases every weekend. All these people care about is how limited a shoe is and what it could re-sell for. This has really turned into ridiculous kids game and pissing contest consisting of young suburban kids trying to one up each other.
Even "limited" shoes aren't remotely limited compared to the past. Modern limited shoes like the Yeezys have 5,000 pair runs while shoes like the Olympic Flightposite KGs and BB4 Shox released in 2000 were limited to a mere 500 pairs each. It's a completely different market and sneakers have been relegated to a completely commercialized fad for the youth.
People always bought Js and Nikes because they had a "cool" factor, but there was also a high level of comfort and functionality that was expected to come along with the shoes. Now they're only selling the look of the shoe with no regard for the performance and technology that made them so great in the first place and kids just gobble up whatever crap Nike produces every weekend.
The vast majority of the athletic shoes being sold by Nike are not being used for any athletic purpose. Of course people will always need shoes, but nobody needs a multitude of eccentric colorways with dumb nicknames that are being released weekend after weekend. The entire way shoes are being marketed today is no different than the way Beanie Babies were marketed in the 90s. The "Sneaker Game" and being a "Sneaker head" is a fad geared at children with disposable income.... and a hella lame one.
Just like Beanie Babies, trading cards, and all other "collectible" crap industries of yesteryear... The sneaker bubble will also pop. People who think sneakers are somehow exempt from bell curving financials are delusional.