It's not without its issues, but it's really changed the way I build things, which after 18 years is kind of impressive.
I do get your point, if you had one. It does feel like there's a must-have new shiny thing to prod every other day. However, React seems to be even shinier than others as of late -- I know this because I even read the documentation and played with the tutorial! I do admit that I can't really come to any solid conclusions about how shiny React realistically is because I'm not much of a sample size.
I do find the React docs to be excellent though which means I'm more likely to keep playing with it. Nothing turns me off faster than awful documentation.
I think a lot of people make snap responses to the subject of new developments in the JS world because they see a lot of change happening, do not trust any of it, but also haven't bothered to further their education on the subject.
I'm curious to hear comments from those who are very knowledgable on React but also view it as a bandwagon.