The biggest issue with AR imo (or rather, why it doesn't appeal to me as a universal paradigm) is that it requires a device in your field of view to "augment" the reality.
Sure, a HUD in a car with AR is nice. A pair of binoculars or a telescope with AR is nice. Even a camera works. As long as the device is already "there", AR is a nice improvement (look through a telescope and it identifies stars or constellations for you) — provided it can be turned off for when you want to enjoy simple reality.
But otherwise, it's an unnecessary gimmick that you won't bother to use, simply because it's not universal (you won't get a pair of AR sunglasses for the day, and see-through glasses for the night, esp if you are not wearing glasses otherwise).
With a lack of universality, I don't see it as a "paradigm shift".
And there are orthogonal concerns like privacy. As the processing speed improves, privacy concerns will diminish (as you can have in-device processing), but just like with high resolution screens, this requires a lot of processing (visual data takes a lot of bandwidth, and while it's quadratic growth for 2D data, it's even more for stereoscopic or 3D data), that we are progressing towards very slowly.