Only because all three letters of the initialism mean different things to different people.
Existing LLMs won't do everything, but bluntly: good, we're not ready for a world where there is an AI that can do everything for $1-60/million words[0], and we need to get ready for that world before we find ourselves living in it.
ChatGPT-3.5 has a lot of weaknesses, but it can still do a better job of coding than a few of my coworkers demonstrated over the last 20 years. I'm listening to a German language learning podcast, and the hosts mentioned using it to help summarise a long email from one of their listeners. My sister has work anecdotes about it helping, and she's not in tech. Influencers, teachers, lawyers, Hollywood writers… well, "moral panic" doesn't tell you much… the game Doom was 30 years ago, and that had a moral panic that looks quaint given how much FPS games' graphics improved with each subsequent release, and I suspect ChatGPT-3.5 was to conversational AI what Doom was to 3D realtime gaming: the point at which people take note, followed by a decade of every new release being (wrongly) called "photorealistic".
[0] current pricing for gpt-3.5-turbo-1106 ($0.0010 / 1K tokens) and gpt-4-32k ($0.06 / 1K tokens) pricing: https://openai.com/pricing