Demand for energy efficiency improvements already exists. All PoW adds is a new form of demand designed to scale up to consume all energy efficiency improvements; every time energy prices fall miners are incentivised to increase the rate of mining (unless the block rewards or coin market price also falls)
The Internet bubble was people making infrastructure available in the hope people would use it, not people converting DDoS attacks into money and claiming that stopping others using that bandwidth would be worth it in the long run if it lead to the invention of servers and cables that scaled to infinite capacity
The Internet bubble was people making infrastructure available in the hope people would use it, not people converting DDoS attacks into money and claiming that stopping others using that bandwidth would be worth it in the long run if it lead to the invention of servers and cables that scaled to infinite capacity