Pretty much every long term successful company goes through the same evolution...starts off small, with little in the way of assets, earnings and paying no dividend. Grows assets and earnings quickly, still pays no or small dividends as the money is more efficiently reinvested in the company than paid out to shareholders. Eventually (hopefully) gets to the point where they've grabbed a sizeable market share in a now mature, stable but non-growing industry. At this point it turns into a cash cow and dividends are appropriate.
That particular "greater fool theory" is one of those things that are theoretically accurate but of zero practical importance.
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