Why are people freaking out about bonds now vs 2022?

In 2022, the Fed hiked rates 7 times for a total of 4.25% Yields were practically zero, so there was nothing to shield the price action.

Now, we're pricing in 3 rate hikes for a total of 0.75% and people are losing their minds, despite the fact that yields are providing a 4% cushion.

I know it's not good for the government debt, but doesn't that put other investments at risk as well.

What gives?