Indeed, and I'd go even further. In addition to existing, electricity is also usefully defined - which helps greatly in establishing its existence. Neither unicorns nor AGI currently exist but at least unicorns are well enough defined to establish whether an equine animal is or isn't one.
LLMs are being irresponsibly marketed as AGI to the general public and many do not seem to understand the difference. Clearly there are limits to how far current methods can be taken. They can only train on so much data and add more compute capacity before running into diminishing returns.
AGI is really something else entirely. If this was clarified, especially for Wall Street, we would see some changes in valuations.
At a certain point, it depends on how you define human reasoning capabilities. Maybe a collection of refined and specialized AI can get close. One counter argument could be that we are not far off from highly advanced robotics that have increasingly powerful reasoning abilities even without AGI.
After the automobile was created, global horse population fell dramatically. Who knows if the wealthy classes will need all these people to do the work for them in the near future.