You say that the problem is overblown but then go on to talk about the dangerous effects the problem has on discourse. Not only are the bots spewing out propaganda, but as you say they destroy the trust we have in each other which further builds the mindset of "Anything I believe in is true and anything else must be bots". In my mind this makes the bot problem very bad.

The problem is made even worse when you have non bot accounts that spam out low effort bad faith posts like "If climate change is real then explain x". It takes 2 seconds to post that but 10 minutes to properly reply. And when you look in to the post history of these accounts you can see they have been given the same answer repeatedly but ignore it because their objective is not to have a discussion or to learn, their objective is to waste peoples time and create doubt.