I thought it would be cool to have my own TLD, but apparently it's all managed by the ICANN, so you can't just name your website with any TLD you want. There are different prices. But at least you can customize your second level domain. Why aren't TLDs like this?
There's definitely been a surge in speculation on domain names. That's part of the whole dotcom bubble thing. And it's why I'm glad TLDs are still really hard to obtain, because otherwise they would all be taken.
Unfortunately there's just no other good way to deal with it. If there's a shared namespace, someone will speculate the good names.
Different TLDs can help with that a lot by having their own requirements. .edu for example, you have to be a real school to get one. Most ccTLDs you have to be a citizen or have a company operating in the country to get it. If/when it becomes a problem, I expect to see a shift to new TLDs with stronger requirements to prove you're serious about your plans for the domain.
It's just a really hard problem when millions of people are competing to get a decent globally recognized short name, you're just bound to run out. I'm kind of impressed at how well it's holding up overall despite the abuse, I feel like it's still relatively easy to get a reasonable domain name especially if you avoid the big TLDs like com/net/org/info. You can still get xyz for dirt cheap, and sometimes there's even free ones like .tk and .ml were for a while. There's also several free short-ish ones, I used max-p.fr.nf for a while because it was free and still looks like a real domain, it looks a lot like a .co.uk or something.