Why is anybody buying memecoins?

As far as I understand memecoins work like this:

- Some insiders work with famous person to create a coin

- They keep around 80% to themselves

- Coin goes on the market

- People buy the coin and drive up the price

- Original insiders sell their coins and make good money

- Coin crashes and most "investors" lose money

Why would anybody do this? Bitcoin is already a little questionable but buying something like HAWK, TRUMP or MELANIA is basically a gamble with the odds against you big time.