Now I know that title probably comes off as pretty harsh but hear me out. The average HYSA offers around 3.3% interest per year which sounds pretty good on paper, 3.3% return on your liquid cash for doing nothing? The issue is that while some people view this like dividend investing, where you are making passive income that is not the case, and the reason is Inflation.
4.65% is our current inflation rate which not only nullifies any gains but is causing your savings to actually lose value. And not only that, but HYSA income is taxable! So there's another 20%-40% gone.
Hopefully you see my point. HYSA is a tool for storing money you plan on having in liquid form but it is not an investment. At around 6-10% per year investing in the market will beat the inflation rate while allowing you to see some true gains.