fundamentals of the Utah real estate market (population age, population growth, education levels, quality of life, etc) are very strong so people would still be living here and needing to purchase homes, which means I doubt prices would drop substantially.

For prices to just plummet will require more than interest rates going up. And the scenario where the economy tanks and demand dries up organically would almost certainly mean interest rates are low again.

Prices won’t go up forever, and will certainly correct at some point but I think a lot has to happen for this to be a bubble that just pops suddenly.