That's what I am thinking. Most people with bot/AI/algo trading POV think about building the best bot and are pretty myopic in their perspective. But what happens after the bot's change the actual landscape and the system adapts around them?

There's an an analogue to that in passive vs active mgmt. There's been huge inflows to the former and everyone touts it as superior due to lower fees. But how well does a passive fund perform in an all passive universe?