It's an industry-wide excuse/opportunity to force what was a stagnant commodity enterprise software market back into a new buying cycle with enough face-saving modernization chrome that buyers can make spending justifications.
At best, this will be a de-evolutionary enshittification local minima era followed by a slow rebuild. More likely, the enshittification era will collapse under its own hyperinflated weight when the logrolling bubble pops, and there will be a consolidation of incremental gains, with a few new benefits being added to what would otherwise look on a long term scale as typical linear innovation if it were not for the hype bubble.