I think your view is completely reasonable because you said "as it is currently", but I think the hype can really be looked at from two angles.

1. There is a lot of hype around "where VR is going", and some people could lump AR into this as well. We can't foresee every new application the future will bring, but we can already see really interesting applications being developed. If you want examples let me know, but there are really cool applications for education, story telling, gaming (of course), and shopping already being demo'd.

2. There is probably too much hype around what we already have. Having an HMD with tracked controllers is incredibly immersive. The SteamVR trailer is probably the best way to show that without trying it, and it still falls short. I will say that without AT LEAST tracked controllers, VR feels like a gimmick.