It was probably true at some point, then malicious people learned how to fake stupidity and they outnumber actual stupid people, and they learned how to recruit stupid people to their causes.

Never attribute to incompetence that which is adequately explained by profit motives.

Or it's being spread by the malicious actors, like "money doesn't buy happiness".

But it doesn't!!! It only buys things that make happy. See? Big difference! /s

It's a decent rule for when one of your close friends breaks your favorite mug. Not so much for complete strangers, not to mention faceless mega-corporations, making choices to fuck you over.