The last giant crash was triggered by a single party (Bear Stearns) running out of credit. Do not underestimate the events that could follow if this volatility destabilizes a large market participant.
That was the point of my original post. Not that current events are comparable to historical events as far as the mechanism of crisis is concerned... but that stresses like the ones today have a way of uncovering new and interesting failure modes which people collectively wrote off as unlikely.
There's definitely going to be some impact on other stocks, as at the very least, retail trading apps overcompensate and block buys on other stocks (including Freetrade for all the US stocks right now). Hard to quantify the magnitude of the impact, though.
However for the broader market; GME and friends are tiny.
Ristricting trading is a way of managing risk.