We do have a lot of hype and buzz. There's a giant AI hype bubble right now and it's going to pop and bring us back to reality.
But at the same time, people are flipping out because it is, well, machine learning. I was following AI, mostly as a hobby interest, though I did some undergrad courses, before it got all buzz-wordy. Just ten, even five years ago, some of the stuff being demonstrated, were the sort of thing I thought would take many decades to develop, and that I may not see in my lifetime. Speech recognition, machine translation, machine vision, for example.
For more than half a century, good machine translation and speech recognition were the holy grail of AI. An incredible amount of work went into them. Specialized systems, grammars and parsers, programmed general knowledge databases. Collecting and correlating enormous aligned bilingual text corpuses with phonetic annotation. After several decades of such work, it got us to mediocre-quality Google Translate style services that were the norm until recently.
Now, without any of that specialized work, with a much more general learning algorithm, there are translation systems that are superior to anything humans designed to specifically be machine translators. It just falls out accidentally from the large language models -- they can also, incidentally, translate, and do better than anything specifically designed to translate ever did.