If Tesla rides that wave and is on the forefront, then they get a big piece of that pie. Taking that into consideration, bull case high valuations make sense.

No, it really doesn't. This is a shockingly simplistic take. You can't just state "this market is going to be YUUUGE", wave your hands and predict massive profits.

You have to demonstrate a realistic path that lets the company get to that point. So far, Tesla has not shown any ability to make money. They haven't even shown that they can grow at the rate they projected, but they are also rapidly going bankrupt at the production volume they are at now. They have thrown everything at the wall to try and slim down, but their losses have only increased. This is why every sane investor started running for the exits the moment Tesla's growth started to slow down. This market is going to be huge, but because of their own shortcomings Tesla is not likely to get a big piece of it.