Mate, April 2016 BNPL consisted mostly of HUM and ZipMoney type lending. in 5 years this has shifted to the much more popular Afterpay / ZipPay lending.
Your observation completely ignores this. Also ignores the fact that the newer style BNPL is used much more frequently, carries less credit risk and is more capital efficient with margins paid multiple times a year (in Afterpay's case the earliest cohort uses it 29 times).
I hope you don't make all your investment decisions by looking for "alarming stats" that aren't even alarming.
Hands up if you are a "Greater Fool", page-139
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