When everyone says it is a bubble it's very likely not a bubble.

Also LLMs have a lot of value because it is a way to steal intellectual property without anyone beeing able to do s.th. about it.

Well clearly not everyone is saying it's a bubble (you maybe?) so I don't know where that leaves us. Also, IIRC there are massive lawsuits underway so there's definitely people doing s.th. about it