LLMs are legitimate AI for the first time, and have real use cases and have changed things across myriad industries. It's disrupting education in a big way. The google AI search thing is becoming useful. When I look at products on Amazon, I often ask it's AI review thing (Rufus?) questions and it gives me good answers, so good that I don't really validate anymore.
There's massive, intense competition, and know one can predict how it is going to go, so there probably will be things that are bubble-y that pop, sure, but it's not like AI has hit a permanent plateau and we are as far as the tech is going to go. It's just getting started, but it'll probably be a weird and bumpy path.