Because the editors of rags like businessinsider hold considerable amounts of tech stocks in their portfolios, as do their readers. And actual businesses with cash flows are obviously not pure Ponzis and some of them will undoubtably be actually successful. The ones where people are investing in the stock, without any dividends, on the hope of growth, selling to the next highest bidder, hoping that the economy doesn't hit a sharp recession and a crash is very Ponzi-like. Early buyers do well, late buyers lose it all, none of the cash from the business ultimately leaves to the stockholders through dividends.

And I'm just responding to the parent post who defended crypto by claiming tech stocks looked like more of a Ponzi than crypto. If you can see the bubble/ponzi-like behavior in the stock market, that isn't a defense of crypto (if you can't see the similarities in behavior between either of them, then I can't help you at all).