We definitely don't need AGI for AI technologies to be useful. AI, particularly reinforcement learning, is great for teaching robots to do complex tasks for example. LLMs have shocking ability relative to other approaches (if limited compared to humans) to generalize to "nearby but different, enough" tasks. And once they're trained (and possibly quantized), they (LLMs and reinforcement learning policies) don't require that much more power to implement compared to traditional algorithms. So IMO, the question should be "is it worthwhile to spend the energy to train X thing?" Unfortunately, the capitalists have been the ones answering that question because they can do so at our expense.

For a person without access to big computing resources (me lol), there's also the fact that transfer learning is possible for both LLMs and reinforcement learning. Easiest way to explain transfer learning is this: imagine that I want to learn Engineering, Physics, Chemistry, and Computer Science. What should I learn first so that each subject is easy for me to pick up? My answer would be Math. So in AI speak, if we spend a ton of energy to train an AI to do math and then fine-tune agents to do Physics, Engineering, etc., we can avoid training all the agents from scratch. Fine-tuning can typically be done on "normal" computers with FOSS tools.

all it does is remix a huge field of data without even knowing what that data functionally says.

IMO that can be an incredibly useful approach for solving problems whose dynamics are too complex to reasonably model, with the understanding that the obtained solution is a crude approximation to the underlying dynamics.

IMO I'm waiting for the bubble to burst so that AI can be just another tool in my engineering toolkit instead of the capitalists' newest plaything.

Sorry about the essay, but I really think that AI tools have a huge potential to make life better for us all, but obviously a much greater potential for capitalists to destroy us all so long as we don't understand these tools and use them against the powerful.