It is getting on the expensive side yes. I'd imagine global tensions, lower interest rates and the constant AI tailwind for energy could potentially make pipelines more attractive.
I think the one particularly bullish thing about Kinder Morgan is the fact it moves 40% of the US natural gas. Natural Gas is supposed to see big demand boosts from power generation needed for AI.
As a pipeline, Kinder doesn't really care about the price of nat gas to a certain degree, they just care how much is shipped.