At the core of it, the high valuations were not a product of the potential LLMs had in assisting and enhancing individuals' works, rather because there was a hope that LLMs could replace some varieties of human labourers wholesale, thereby cutting labour costs which are often the highest expenditure of many companies. This has not materialised. I have seen more stories of PR nightmares out of attempting this than those with good endings. But maybe that is because of the sensationalist nature of news media itself.

Either way if it is indeed a bubble that will burst at some point, it doesn't bode well for the tech industry. With the mass layoffs, which are ongoing, seems like there won't be enough jobs for everyone.