If Google went all-in on the AI overview and removed search results and invested more heavily in compute, it could be pretty good.

But as it stands, it's a terrible user experience. It's ugly, the page remains incredibly busy and distracting, and it is wrong far more often than ChatGPT (presumably because of inference cost at that scale).

It might be good enough to slow the bleeding and keep less demanding users on SERP, but it is not good enough to compete for new users.