I’m pretty sure that is exactly why. Recent monetary stimulus went into people’s pockets (at a time, frankly, when people needed it), and they spent it. On the other hand, people weren’t losing jobs and houses at the rates seen during 2008/9 either, when the money only went to the TBTF.
Job creation is high, unemployment is low, wages are up. Yes, inflation is high, but it is coming down. People are not out of work. People are not losing homes. I see this as a WIN.