It probably is, since the benefits to common people are still to be known, but a clear value seems to be visible from recent robotic projects where the robots are automating and making things cheaper for people. Though the problems with monopolies may exponent themselves.

I picture it as a bubble inside real foundation. The internet was a bubble too but it popping didn't mean that it went away. It meant that the hype was running the treadmill faster than societies cadence.

AI is the way of the future. The roll-out and adoption will be slower than what the "market" has banked on.

The product is real (even if it's not as perfect as the companies claim, it has uses), but the imagined future income that the companies are spending already are out of this world. OpenAI needs literally a trillion dollar in the next 3-4 years or so - and they are just one company.