ML/LLMs applied sensibly is definitely not snake oil.

Peddling ML/LLMs as AI and saying it will be the biggest paradigm shift ever seen is definitely snake oil and a lot of people just looking to capitalise on the latest fad, just like blockchain, "Big Data" or the metaverse.

Tech companies were struggling to raise funds in the bearish market that followed the pandemic tech boom. They were desperately looking for something big and shiny to use to persuade investors into loosening their wallets, and they've struck gold with "AI" because it sounds so cool and it can "basically do anything", including replacing loads of staff with bots. Investors are being very easily bamboozled by this. Of course FOMO plays a big role here too.

I think "AI" is close to its peak of inflated expectations on the Gartner hype cycle curve below and it will take a while for people to wake up to the realisation that the "Bright AI-fuelled Future" they had been sold is nothing more than a thin wrapper around a ChatGPT API with a pretty bow on top.