Yes, its a mania. Its the first post-internet post-smartphone global mania - the market could go irrational to a degree never seen before. South Sea / Tulip just wrong comparisons. They were geographically and informationally constrained.
In my limited knowledge and understanding, "tulip-mania" looks like an intellectual property boom. Traditionally the bulls are seen as the irrational actors but could it be the bears that came after? Was it just a poorly managed industry?