It's basically the magic vs explicit discussion all over again. Like usually in this discussion, the magic approach is really appealing until it doesn't work, and then the pro-explicit people will go all "told you so" on you.
I personally really prefer explicit, having cut my fingers on magic one time too often. Instead, I'll gladly create classes if the thing I'm making has its own state (of any kind).
In fact I pretty much disagree with the current trend of wanting to shoehorn everything into this idea of declarative and/or functional programming. Especially in a language like JS, functional programming and some cherry-picked ideas from OO mesh really well together. For example, if you allow me to drift a little, did you know that you can add methods to the prototype of an Immutable.Record? You can even use class syntax! More to the point, if there's one place where OO ideas shine, it's UI components. A lot of OO ideas were particularly designed and developed for UIs.
Just like "let" and "const" let me communicate to the reader whether a variable is going to change, I like how in React-land "class" and "function" let me communicate to the reader whether a component has mutable state. Hooks feels like a hack to be able to change the value of a "const" without turning it into a "let". Get over yourself, make it a "let" already.
So for me, Hooks is an attempt to throw the baby out with the bath water. I don't experience the problem it's trying to solve. I like classes when they're appropriate.
I get the argument that custom hooks allow for easier reuse than higher order components, but I think the difference is marginal; you have to wrap your mind around the exact same complexity. Plus I think higher order components themselves are overused, but that's another story.
But! The React people strike me as a rather reasonable bunch. I strongly doubt they're going to move React into a direction where you're forced to make your state (slightly more) implicit. There's too varied a community around React now. I think React with classes and React with hooks can perfectly coexist. Also if my favorite open source React tool adopts hooks and forces me to do the same here and there, then sure I might be grumpy for a few minutes but in the end, well, I'll survive.