The fantastic part is its ability to work at the concept level. This technology proved to be efficient at building some graph of concepts and relations simply be feeding it huge amounts of token. For example with the moon hoax, it is able to synthesize in two sentences the main points of the hoax theory.
It still has limitations, but that's the major step everyone is impressed with.
Saying "but it's just a markov chain underneath, it's not intelligence" would be like discovering electric signals in the brain and concluding it can't be intelligence because it's just electricity.