A feature of psychosis is being unable to distinguish between external ideas and internal ones. For example, if a brown-nosing Yes-Man machine keeps reflecting your own leading questions back at you, laundering them into "independent" wisdom.
In contrast, I'm pretty sure COVID and the invasion of Ukraine are actual external phenomena that affect businesses and economies.
Mass psychosis is more like mass hysteria. It can occasionally manifest itself as religious cult delusions, but it can also be hyperfocus on a leader or the importance of real events.
COVID was dropped by decree in March 2022, then Ukraine took over and everyone had flags. Then AI took over.
Mediocre people always feel the need to repeat the talking points of their leaders online and offline, so were we are.