Overlooked Bubble-Indicator

Hello my lovely fellow finance-interested Hivians!

The stock market is strong the economy not so much and more and more people keep asking: are we in some kind of a bubble? Will the bubble burst? When will the bubble burst?
All those questions are hard to tell. We simply don't know if it is a bubble until it did burst.
Still there are a few well known indicators that can tell us if we are at least in bubble-territory or not. One of it it is the P/E-ration. The price of a stock in relation to its probable earnings.
We are way above average for quite some time in the S&P500 and the Nasdaq and no huge losses yet.
One thing that might be another indicator is this:
More and more risky products flooding the market. I am talking about leveraged covered call ETFs although people call them "income ETFs". Well they do bring quite some impressive income. There are a few on the market with a yield of over 80%. That means getting your initial investment back in a little more than one year.
But what is the downside of this "covered calls"? Simply said you are betting on a moderate price increase in the underlying stock by selling call options of the stocks for a premium. That limits the upside potential of a stock, meaning you do not participate in huge daily gains. What is even worse if the price drops too much you lose way more than the actual stock.

In my opinion it is a nice product for income oriented investors, but you have to keep in mind the risk that goes with it as well as how your product is structured.

Anyone have experiences with the yieldmax, roundhill, NEOS...and so on weekly paying ETFs?