This hype cycle is definitely more like the original hype cycle of the internet in the late 90s - back when "the high street was going to disappear", "we'd all be hanging out in VR" or that it would "democratize" well, anything.
Clearly a lot did change but most of the bolder predictions still ended up not coming true.
Well, I think that the vast majority of those predictions about the internet did came true, with my main evidence being the extent through which the covid lockdowns didn't harm the productivity of the typical company - I think that the fact that all the operations just moved online would have been unimaginable in the early 90s, except by avid sci-fi readers.
I would have loved to have seen somebody predict mass wfh only being possible within the confines of a pandemic and being shut down shortly after.
Or that minus a few exceptions like blockbuster the majority of high street /mall stores would still exist in spite of online shopping being given more favourable tax treatment.
Or that democratic institutions would end up being eroded by the toxic spam that popped up when the barrier for entry for publishing was lowered.
So often so that I'm somewhat surprised I keep reading articles that say essentially, "Don't believe market-speak from someone who is trying to sell you something."
Clearly a lot did change but most of the bolder predictions still ended up not coming true.