This is true of ANN, and deep learning. They are mathematical models of learning that are finally practical after a couple decades (not to diminish anything the researchers have accomplished which is incredible).

Then there are biologically inspired neural networks, like Hierarchical Temporal Memory (HTM), that actually correlate directly to how the cortex in mammals work. These have also demonstrated learning capabilities, and seem a lot more promising in the road map to general AI, in my opinion, because after all we should be piggy-backing on evolution (not that we can't find a mathematical model first).

So yeah, the hype is just hype, but it could be justified for the wrong reasons if we see breakthroughs in biologically inspired AI (the Brain Project, to name another example).