Bing chat is available to some members of the public now. ChatGPT has been used by more than 100m. We know what we are going to get and we are getting it now. It’s probably an interesting enough feature to get the general public paying attention to Bing for the few months before Google manages to execute. That’s bad for Google in the short term, it introduces a risk and an unknown in their undisputed dominance of search. They will still probably come out ahead, but it is a chink in the armor and therefore people are going to talk about it.
Really its much more complicated than that.