I don't think it's this. At least, I don't see a lot of that. What I do see a lot of is people realizing that AI is massively overhyped, and a lot of companies are capitalizing on that.
Until/unless it moves on from the hype cycle, it's hard to take it that seriously.
What I am annoyed by is having to tell users and management "no, LLMs can't do that" over and over and over and over and over. There's so much overhype and just flat out lying about capabilities and people buy into it and want to give decision making power to the statistics model that's only right by accident. Which: No.
It's a fun toy to play with and it has some limited uses, but fundamentally it's basically another blockchain: a solution in search of a problem. The set of real world problems where you want a lot of human-like writing but don't need it to be accurate is basically just "autocomplete" and "spam".
Today, 10 years ago crypto was what everyone wanted, you can see how bitcoin soared and crypto scams was everywhere and made many billions.
And no AI is not struggling to keep up with user demand, it is struggling to keep up with free but not paid demand. So what you mean is AI is struggling to keep up with investor demand, more people want to invest into AI than there are compute to buy, but that was the same for bitcoins, bitcoin mining massively raised the prices on GPU due to how much investors put into it.
But investor driven demand can disappear really quickly, that is what people mean with an AI bubble.
That's not even considering the probability that demand could slow as people lose interest.
Regarding people losing interest: are you willing to bet with me that there will be fewer than, let's say 500 million active users of LLMs in 5 years?