More like "hey we just spent 8 months of investor money on a rewrite and this works much worse than the previous solution. But hey, they're throwing this out and the new thing is ReactWebLogic, let's do a new rewrite!"
This might be fair if this was a rewrite in a vacuum (or took anywhere close to 8 months) but it wasn't. We were also undergoing a large design refresh for the site, which was going to require a ton of work on the existing site anyway. Using the opportunity to also update to the newest version of the technology we were using wasn't nothing, but I'd argue it was also probably a pretty small marginal increase.
“Nah, this guy on hacker news said we’re dumb hipsters for adopting the new normal for react. We should stay on the old versions.”
That’s like saying you don’t trust a company because they updated from PHP 5 to PHP 8.2