... Unless its mass proliferation of shitty broken code and mis/disinformation and hyperparasocial relationships and waste of energy and water are actually such a net negative that it fundamentally undermines infrastructure and society, thus raising the necessary profit margin too high for such legit use cases to be workable in a now broken economic system.

Time will tell how much was just hype, and how much actually had merit. I think it will go the way of the .com bubble.

LOTS of uses for the internet of things, but it's still overhyped

When all the hype dies down, we will see where it's actually useful. But I can bet you it will have uses, it's been very helpful in making certain aspects of my life a lot easier. And I know many who say the same.