Yes, the y2k crisis was real, or more accurately, would have been a serious crisis if people had not rushed and spent lots of money to deal with it ahead of time. In many systems it would have been no big deal if unfixed, but there were a huge number of really important systems that would have been a serious problem had they not been fixed. Part of the challenge was that this was an immovable deadline, often if thing…
I remember hearing a story on NPR years ago years after Y2K with someone knowledgeable on the subject that addressed this question. He gave basically the same answer you did: a lot of effort went into avoiding disaster and a lot of people treated it after the fact as if it was hype or hysteria. I recall the interview because it changed my significantly thinking on the subject. (I wasn't in the industry at the time of…
It was money for jam.