I agree - largely. ChatGPT cannot program for me (it fails on anything that is a bit more complicated than very-common problems). It cannot write a good algo for me (unless the algo is a very standard one, if so, why do I need it to write it?). It gives incorrect information, a lot of the time. The docs it is trained on are outdated, many times methods, etc.. it suggests no longer exist, or the API endpoint has been deprecated. It doesn't seem to have a "sense of time" meaning it seems just as likely to suggest data from 10 years ago as data from 1 year ago.
But there are some times, where something is behaving very strangely, and ChatGPT helps me work through it. Examples are complex SQL queries, quickly combining existing queries, oddities in CSS, etc..
It may not give super-accurate answers, but at least it gives something that I can work with or work on.
I think this makes it a valuable tool, but it's not going to replace developers. Well, sure. Some people will just use ChatGPT rather than hire a programmer - I've worked with business owners who learned to code rather than hire programmers. I don't expect different results in either of these cases, the code will be very flawed, have huge security issues, and not be maintainable.