My personal excitement about language models is based on what they can do today.

I'm a big believer in the "capability overhang" idea, which is that the existing language models still have a huge array of capabilities that we haven't discovered yet.

That theory seems to be proved correct on a constant basis. Even the classic "let's think about this step by step" paper came out less than a year ago: https://arxiv.org/abs/2205.11916 - May 2022.