If this was all about regulatory capture and marketing, why would Hinton, Bengio and all the other academics have signed the letter as well? Their only motivation is concern about the risks.
Worry about AI x-risk is slowly coming into the Overton window, but until very recently you could get ridiculed by saying publicly you took it seriously. Academics knew this and still came forward - all the people who think its nonsense should at least try to consider they are earnest and could be right.