Is machine learning currently overhyped?

There are reasons to believe that true AI is right around the corner but I don't see it coming from the mainstream AI community. Right now, they are all having a feeding frenzy over a soon to be obsolete technology. There is no question that deep learning is a powerful and useful machine learning technique but it works in a narrow domain: the classification of labeled data. Someone has to go through the data and carefully label it according to a category or class. This is kind of lame because this is not the way humans and animals learn.