(Read my posts throughout the years, it's fair to say I'm a TSLA bear, but am rooting for the company to be successful.) Tesla isn't about growth hype, they made a net profit for 2019 and were FCF positive for the calendar year. In a healthy economy, they can make a good profit margin selling cars for $50k a pop (their ASP is probably higher but I'm somewhat ignoring the S/X vehicles due to age and low volume). In contrast, 1990s .com companies had an infinite or negative P/E ratio. Regardless of what ultimately happens to Tesla, it's no small feat that they built a sustainable U.S. auto company from scratch, and helped accelerate the timeline for switching from ICE to BEV. Now that doesn't justify the market cap, but bulls envision a scenario where they take over the world and multiple legacy automakers disappear.
Strategically, they do appear to be well-positioned with a shipping CUV that should sell reasonably well (despite a recession), and a light truck in development that potentially has no rivals anytime soon. Personally, Cybertruck is butt ugly with a silly name, but it is priced to dominate its product class. Of course it remains to be seen if typical pickup truck owners will trade in their Fords and Chevys for a Cybertruck.
2020 is likely to be a soft year for Tesla with modest YoY unit sales growth, but they're still in a good position to grow sales. It's hard to say what the economy looks like during or after recovery, but there are legacy automakers that are in way worse shape than Tesla.