My point isn’t 100% the superficial similarities of some of the algorithms to traditional methods, so much as people have been using the “machine learning” algorithms for quite a while and just didn’t call them that. I’ve worked with neural network and decision trees for almost a decade, we just didn’t have the “machine learning” or “AI” buzzword attached to them.
I think there is a lot of hype that suggests that these are doing something completely new, rather than just doing something similar to what is typically done with more precision.
I think the layman for sure, and even people professionally involved in analytics (including full PhD statisticians) seem to believe they are more novel than they really are because the extra precision makes the models useful for applications where traditional models might not provide enough lift to be useful.