Knowing how it works means knowing that it'll always hallucinate and will never be more than the sum of its parts.

That being said, there are positives. It does things today, albeit imperfectly; I use it like a supercharged search engine. It's reinvigorated the AI race and raised such vast quantities of capital that it's more likely new AI techniques will be discovered.

But yeah, the current iteration is just a statistical model that guesses things. With a bunch of tools and probably an expert system bolted on. Definitely not useless, but also underwhelming given the hype.