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Here's what I suspect why GenAI is hyped like this.
IT giants gathered coders like collectables. The best coders got involved in actual projects while the rest just got something meaningless to fiddle around. They did so to guarantee their oligopoly on labor.
Over time, especially after inflation raised, this behaviour became too expensive. At some point, employers (who invested in OpenAI) finally snapped, ordered the publication of LLMs and levered the hype among surprised lays to release that superfluous coder stock.

Concerning AI, we have been swung to "peak of inflated expectations". In 2-5 years generative AI will reach "plateau of productivity".

edit: corrected time till productivity

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