The threat of breaking all encryption has been a slow-burning $1 trillion or more grift for the field over the last 20-30 years. Not that anything has materialized from it. I am somewhat convinced that PQC is primarily being rolled out so that we can all stop funding those clowns (and because lattice-based cryptography is finally ready for prime time).

I don't know if breaking encryption will even matter if we just keep handing over all our data anyway.