Wow, hindsight is 20/20 eh?
Another good quote from the incredibly optimistic article:
“Obviously, Google believes in it if they’re rebranding on .xyz,”
No, they just thought that having abc.xyz would be a cute thing to do for their parent company called 'Alphabet'. It's just a play on words as it were. Suggesting it would cause a new .xyz bubble is actually kind of insane.