It seems like a lot of people are using it to do real, actual, helpful work, especially learning about new topics. I'm not sure it's productive to call it hype at this point.

"Hype" doesn't mean that there's nothing useful. It means that the benefits are being exaggerated beyond what the evidence supports.

I think that holds extremely true in the AI space right now, with people talking about AGI being right around the corner, etc.

Oh to clarify, I don't think it's all hype! But, in my opinion, there is plenty of breathless hype (much like any other new development).