Airbnb rental prices are out of control

I could write a long post and cite examples, but all one needs to do is to pull up any major location in Europe or North America and then look at the Airbnb rental prices. And it’s not that they’re all standing empty - most of them are booked out for months. Given what’s going on economically all over the West it’s unfathomable to me that people are still happily plunking down hundreds of dollars per day for fairly basic private rentals without much amenities.

With so much talk abound about economic contraction, unemployment, rampant inflation, etc. where do people get the money from? Now I’m aware that people will simply spend what they feel they can afford or what they think they deserve. But I make pretty good money, have good savings, zero debt, and it’s a mystery to me how people are able to afford such high rental prices. Maybe someone here can explain it to me.