But the arguments for both sides consist of a combination of outright lies and gross hyberbole. LLMs are undeniably new, and cool as hell. We killed the Turing test! Computers are now dramatically better at understanding human language than they were 5 years ago. And we are seeing improvement, perhaps not at the same rate we were 5 years ago, but still at an impressive clip. It's far from impossible that we'll have language models that, at the very least, can reliably (as in, you don't need to be constantly checking its work) parse out out human language for interfacing with more tradition computation within the foreseeable future.
On the other hand, it's definitely not AGI yet, and a machine that can't consistently be trusted to do a job is of inherently limited utility. Companies investing in the space are definitely burning money on a moonshot.