I agree except on the "isn't easily repurposed" part. Nvidia's chips have CUDA and can be repurposed for many HPC projects once the AI bubble will be done. Meteorology, encoding, and especially any kind of high compute research.
None of those things are going to result in a monetary return of investment though, which is the problem. These big companies are betting a huge amount of their capital on the prospect of being able to make significant profit off of these investments, and meteorology etc isn’t going to do it.
Yes, it's going to benefit all the other areas of research like medical and meteorology, which I'm happy with.