Are listed equity markets now pointless?

Do listed equity markets in the United States and the euro zone still serve a purpose? They are no longer used to finance companies, given that net issuance of listed equities is negative in the United States and very low in the euro zone. We attempt to explain this; The presence of bubbles means that they no longer provide information on future corporate earnings. Perhaps the sole purpose of listed equity markets has become to enrich shareholders through expansionary monetary policies?