Inscriptions are not a fad or a threat but likely peaking as far as interest goes. They are simply a method of storing data on the Bitcoin timechain. Many other methods of storing data will likely be developed and some (most likely very few) may serve some purpose.

The bitcoin timechain is working as designed. It is a necessity to have incentives to use the scarce block space and inscriptions incentive this. This is good for fees which of course incentivizes miners long term.