I'm not saying this is bad or underwhelming, by the way. It's incredible how far people were able to push machine learning with just the knowledge we have now, and how they're still making process. I'm just saying it's not magic. It's not something like an unsolved problem in mathematics.
In general, every attempt at explanation of LLM's that appeal to "[just] predicting next token" is thought terminating and automatically invalid as explanation. Why? Because it is confusing the objective function with the result. It adds exactly zero over saying "I know how a chess engine works, it just predicts the next move and has been trained to predict the next move" or "A talking human just predicts the next word, as it was trained to do". It says zero about how this is done internally in the model. You could have a physical black box predicting the next token, and inside you could have simple frequentist tables or you could have a human brain or you could have an LLM. In all cases you could say the box is predicting the next token and if any training was involved you could say it was trained to predict the next token.