One difference that strikes me with the .com bubble is that I don't remember the .com companies having sustained multi-billions losses / cash burn. They were not profitable but this is quite different. If (or when) the music stops, won't OpenAI go bust immediately? That's quite a counterparty risk those companies are taking.
OpenAI is ten years old, dotcom companies were 2-3 years old.
Some dotcom-boom companies that survived also had sustained multi billion dollar losses afair - Amazon and Uber for example.
I'm not advocating for everyone to do all of their math on paper or something, but when I look back on the times I learned the most, it involved a level of focus and dedication that LLMs simply do not require. In fact, I think their default settings may unfortunately lead you toward shallow patterns of thought.
When I had to deal with/patch complex c/c++ code, I rarely ever got a deep understanding of what the code did exactly - just barely enough to patch what was needed and move on. With help of LLMs it's easier to understand what the whole codebase is about.