I don't think anyone is arguing it's giving zero value, only that the total value is not keeping up with investments. Look at the recent smart-speaker bubble: people indeed use them, but not often enough for profitable activities, and so the speaker market popped. Trying to goad people into shopping with them failed.

Making AI pictures of Pee Wee Herman riding a shark blindfolded is indeed fun, but not profitable for Microsoft because it's too hardware intensive for ads to cover. I gotta make more goofy pics before the bottom falls out...

Yeah I get what you're saying. totally agree.

Who is getting value though? That should be easy to answer yet there's no clear answer yet.

Good question, remains to be seen. Will need to see how it plays out!