To me this is besides the point.

LLMs obviously have use cases but the market has practically priced in "AGI".

The danger is not that LLMs take jobs. The danger is that we are in a massive bubble and while these are nice tools they are not worth anything close to the trillions of dollars bet on them.

IMO the psychology at work here is basically denial that we can both be in the biggest bubble of all time in terms of dollars and LLMs are useful. Just not THAT useful.