I once sat down to a $2/$4 limit poker game in Vegas. The limit was so low that you knew a maxed pot was unlikely to ever bankrupt you. It’s meant to be for amateurs without much cash for gambling (me).
Some guy at the table had figured out that with enough cash you can just max every bet and let the odds dictate his results. Because other players were folding based on the quality of their hand, they were missing opportunities to hit on the river which he got. This devolved the game from reading your opponent to reading the inherent odds of card hits.
It’s not the exact same game, but when I think about the market being irrational, I think about that guy. He made the game inherently irrational. EDIT: or, at least, he played it irrationally, causing the usual signals to be removed from play.
The table beat him, but since he forced the game into playing the odds, the only effective strategy was to play conservatively. There was no point in trying to read his hand or bluff him.
I was under the impression that reading hands was amateur. You should be playing the expected value of hands. If you do that you will fold often but get huge payouts from that guy when you have something playable.
The pros don't know how to read the amateurs, who make nominally suboptimal plays, and can be disrupted briefly.
All part of the market staying irrational.