You might consider that other people have also spent hundreds of hours with it, and have seen it correctly solve tasks that cannot be explained by regurgitating something from the training set.

I'm not saying that your observations aren't correct, but this is not a binary. It is entirely possible that the tasks you observe the models on are exactly the kind where they tend to regurgitate. But that doesn't mean that it is all they can do.

Ultimately, the question is whether there is a "there" there at all. Even if 9 times out of 10, the model regurgitates, but that one other time it can actually reason, that means that it is capable of reasoning in principle.