I definitely see the overspending argument, but BNPL is actually way better than the alternatives in the current market. Credit card companies make an overwhelming majority of their revenue (up to 90%) from consumer penalties, while Afterpay makes the majority from merchants. It's a fundamentally different business model and lines up the incentives with consumers, where as CC companies want actively look to abuse people with poor credit.

IMO we all have engrained in our brains the horror of the credit card death spiral and it's warping our perception of any innovation in the space of consumer credit. I think we will see a bnpl takeover of traditional credit and generally healthier consumer finances.