The one that people are raving about at the moment is a newer version, which is why it suddenly popped back into the zeitgeist, but I am not looking at you like a crank - I agree completely.
All it is is a very large, very complicated mapping of words in the input text and their proximity to each other. That may result in interesting stuff that is fun to read, but it is essentially lorem ipsum text as far as meaning goes. It will seem to have meaning, but it all falls apart on closer examination.
To me the biggest danger from this is that it allows the very easy creation of tons of real looking but inaccurate content, which can then show up all over the place. That is a VERY bad thing and there is no way to prevent it would fact checking everything the AI spits out. Which makes it useless
