You're not wrong that AI is hyped just like crypto and VR were. But it's also true that automation will increasingly impact your job, even for jobs that we have considered to be highly technical like software engineering.
I've noticed this over the last decade where tech people (of which I am one) have considered themselves above the problems of ordinary workers such as just affording to live. I really started to notice this in the lead up to the 2016 election where many privileged people did not recognize or just immediately dismissed the genuine anger and plight of working people.
This dovetails into the myth of meritocracy and the view that not having enough money or lacking basic necessities like food or shelter or a personal, moral failure and not a systemic problem.
Tech people in the 2010s were incredibly privileged. Earnings kept going up. There was seemingly infinite demand for our services. Life was in many ways great. The pandemic was the opportunity for employers to reign in runaway (from their perspective) labor costs.
Permanent layoff culture is nothing more than suppressesing wages. The facade of the warm, fuzzy Big Tech employer is long gone. They are defense contractors now. Google, Microsoft or Amazon are indistinguishable from Boeing, Lockheed Martin and Northrop Grumman.
So AI won't immediately replace you. It'll start by 4 engineers with AI being able to do the job that was previously done by 5. Laying off that one person saves that money directly but also suppresses the wages of the other 4 who won't be asking for raises. They're too afraid of losing their jobs. Then it'll be 3. Then 2.
A lot of people, particularly here on HN, are going to find out just how replaceable they are and how aligning with the interests of the very wealthiest was a huge mistake. You might get paid $500K+ a year but you are still a worker. Your interests align with nurses, teachers, baristas, fast food workers and truck drivers, not the Peter Thiels of the world.