It can be both, a hype and a danger. I don't worry much about AGI by now (I stopped insulting Alexa so, just to be sure).
The danger of generative AI is that it disrupts all kinds of things: arts, writers, journalism, propaganda... That threat already exists, the tech being no longer being hyped might allow us to properly adress that problem.
If it is just ML sold as AI hype, are you really worried about the threat of AI?