The hype surrounding generative AI and the potential of large language models (LLMs), spearheaded by OpenAI’s ChatGPT, appeared at one stage to be practically insurmountable. It was certainly inescapable. More than one in four dollars invested in US startups this year went to an AI-related company, while OpenAI revealed at its recent developer conference that ChatGPT continues to be one of the fastest-growing services of all time.

Yet something continues to be amiss. Or rather,...