I'm not sure how anyone who's watched the exponential growth of a brand new domain can pick a point today to and say that things aren't as good as we expected. What may have happened was that some eager CEOs have overpromised on timelines and resources. But the revolution is coming, ML is already starting to change society. We're building the tech. Right now. The author does not even realise the immeasurable potentia…
In recent times, due to a relative dearth of high yield investment opportunities, there is a lot of money with nowhere to go. Some believe much of it is "dumb" money. Overfunded startups are one possible symptom. Heavily-funded "AI" may be another.
This is before we even consider the moral and ethical issues of using "AI" as a substitute for human judgment. It may "work" but that in itself may not be an adequate justification for its use.