system
A chat on subreddit /r/wallstreetbets
human
ER itself wasn't terrible, just evidence of mismanagement that they had to lay off so many unnecessary employees.  It probably went lower than it should have running up to ER and it was mostly neutral news.  Market may be betting on future success of legacy projects, too.

gpt
Biggest thing about ER it shows that management does not understand their customer base.