I think it is definitely the human factor. The FOMO into NFTs/Defi were something that appealed to people who wanted money. Unfortunately, the hacks or crash destroyed the dreams of a lot of people. Investing into bad projects doesn't help and they lost a lot of money. Along with all the hacks/rugpulls, people just lost hope from it being overhyped.
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The human factor is always the issue. I think without the greed and rugpull as well as hacks, we might have a functional aspect of crypto, but the bear market opens up on the fact that these projects do not have longevity