Have been wondering this ever since 1 week after the initial ChatGPT release.
My cynical take is that most people don't do real work (i.e. one that is objectively evaluated against reality), so are not able to see the difference between a gimmick and the real thing. Most people are in the business of making impressions, and LLMs are pretty good at that.
It's good that we have markets that will eventually sort it out.
But then again, it's not as if markets always rewarded real work either.