The entire premise on whether computing is a bubble depends on if computers can be more than a bit-flipping machine or not. Adding operating systems, compilers, distributed clusters, and so on to enhance the results from what is essentially just flipping bits still means this technology at its core only flips bits. It is not a general-purpose machine, and unless something fundamental changes, it never will be. There are certainly valuable applications for this technology, as we have seen in ballistic tables, census tabulation, and other sectors. But it is still not more than taking in voltages and toggling transistors between 0 and 1.