It's true but it's just revealing what Wall Street et al have been up to for the past several decades. There's this perception that they're all doing Very Important Work(tm), when in fact they're just making up silly rules and playing games with each other, aka gambling.

I do not know about daytrading, but trading in the long term works, if you have a (technical/IT) system.

Regarding meme stocks: I do not see how this should work compared to the "real market", as on the real market you have clear signals when it is useful to enter a position (e.g. institutional attention), but on the meme "stock" market lacking those features it is much much harder to make any money - unfortunately, a lot of young people are trying their fortuna