Hype and announcements, sure, but this is the first time there's actually a product.
No, its not. Its just once the hype cycle dies down, we tend to stop calling the products of the last AI hype cycle "AI", we call them after the name of the more specific implementation technology (rules engines/expert systems being one of the older ones, for instance.)
And if this cycle hits a wall, maybe in 20 years we'll have LLMs and diffusion models, etc., embedded lots of places, but no one will call them alone "AI", and then the next hype cycle will have some new technology and we'll call that "AI" while the cycle is active...