If "Past performance is no guarantee of future results", then why do people keep comparing the current market to the dot com bubble?

Simple question really because it's been bugging me more and more the past few months. You can't turn around without seeing a post, news article or Michael Burry's 20 year old head shot talking about all of the parallels.

You see this kind of logic in sports betting all the time where someone will say "well Team A hasn't beaten Team B in 20 years" and then \*boop\*; team A wins.