It is definitely real hypnosis. The definition of hypnosis is so vague and nebulous that this absolutely falls within the umbrella of “hypnosis.” To be specific it is visual hypnosis.
over time I have seen the claim being totally watered down to apparently just intimidating a creature with primal fear for fun and profit.
I agree “intimidating a creature with primal fear for fun and profit” is not that cool.
But the claims you once believed were never true in the first place.
I do believe though in the somewhat debilitating conditions that exacerbate for a person who is already tired, like seeing repetitive long period highway lights, or road markings ... and of course innate primordial fears and reflexes...
However, in many ways hypnosis is synonymous with “learning.” Your father hypnotized you into learning math, physics, and chemistry... as do all effective teachers.