There have been many such cycles, but the XML hysteria of the 00s is the worst I can think of. It lasted a long time and the square peg XML was shoved into so many round holes.
IDK, the XML hysteria is similar by comparison to the dynamic and functional languages hysterias. And it pales in comparison to the micro services, SPA and the current AI hysterias.
IMHO it's pretty comparable, the difference is only in the magnitude of insanity. After all, the industry did crap out these hardware XML accelerators that were supposed to improve performance of doing massive amounts of XML transformations — is it not the GPU/TPU craze of today?