I tried and failed to launch a startup in this space. The privacy concerns are huge. Most of the companies in this space (Fireflies, Otter, Vowel, ~Chorus, ~Gong) use external APIs for speech-to-text. That means unencrypted audio and plain text is traversing a 3rd party server. Most people don't care, but when there is eventually a security breach (only a matter of time) there will be a lot of surprised users and customers.

With that said, the core idea is great. These companies are starting with transcription but it's not difficult to envisage a future where (a) supplemental information is presented depending on conversation topics, and (b) actions are taken on your behalf. Example: no more need to manually send a calendar invite, just mention it in the conversation and the "AI assistant" will schedule for you.