I don't know if this will cause a ton of capital destruction, I doubt it, it will probably destroy a bunch of the slot machine/gambling addicts who are paying 5k a month on their credit cards thinking an autocomplete API is going to provide a profitable business.
A large part of this is a scam, just like many aspects of crypto were scams while others were not, this hype is very similar to NFT/Crypto hype from 2018-2023. Yes, some things were born out of those industries that are genuinely useful, a lot were not, its the same with AI.
Potential AI winter, I think there will be a "winter" just like crypto, but even during crypto's winter, some companies continued to operate and innovate but 90% disappeared. I believe the same thing will happen, and soon. Watch what happens to companies like Perplexity over the next 12-16 months lol.