I don't think you're correct. Just think of things like using any computer system in your business, like a spreadsheet to keep track of inventory. From the moment software for spreadsheets became available to most businesses using them, how many years went by? I knew businesses that should have computerized processes that didn't in like 2010. So if you just apply this knowledge that even basic good things take a long time to truly spread and permeate, even if the tech stopped advancing today, the current benefits will take years to fully materialize.

There's many "little software tools for X" that now any business owner with a few hours can create. I know many people improving their small businesses for free like this and helped a few friends making their lives easier with "small software" assisted by AI. People that would never afford 20 SaaS products for this and that, and would never go through the hassle of hiring someone to do it custom. And they will be able to do this even if the bubble pops and all the labs go bankrupt by just setting up a little gpu with a local model.

I dunno about hype, I just know I have several friends running self made custom software "in production" for small things and almost no help for their classic "offline" businesses.