We've already trained it on all the data there is, it's not going to get "smarter" and it'll always lack true subjective understanding, so the overhype has been real, indeed to bubble levels as per OP.
Look, I'm an AGI/AI researcher myself. I believe and bleed this stuff. AI is here to stay and is forever a part of computing in many ways. Sam Altman and others bastardized it by overhyping it to current levels, derailing real work. All the traction OpenAI has accumulated, outside of github copoilot / codex, is itself so far away from product-market fit that people are playing off the novelty of AGI / the GPT/AI being on its way to "smarter" than human rather than any real usage.
Hype in tech is real. Overhype and bubbles are real. In AI in particular, there's been AI winters because of the overhype.