@meno just admit you want your own labubu.
Honestly, this is no different than the crypro-kitties craze, it's basically the same, but in physical format (with lots of fakes going around). I won't say 'all people', but I'm pretty sure that almost all, have something they collect. Once you have some sort of consistent criteria and a series, there can be value assigned. There are personal collections (bottles, bugs), and there are fads (Pokemon, Labubus).
When you juxtapose labubu collecting fad (and throw Pokemon cards in that basket too), next all the global problems, it, of course, looks ridiculous. Why are we obsessing over useless crap while other people are experiencing real hardships?? Unfortunately, sense of scarcity exists in people at every economic level. If you're wealthy, you still feel scarcity, cause someone is going to grab that luxury yacht you been eyeing... it's just human nature, labubus sell because of FOMO.
My favorite part about the Labubu, is the satanic panic that is happening over this doll. There are adults who legit think that Labubus are the manifestation of the Mesopotamian demon Pazuzu. And they are buying them just to destroy them. So who is crazier?