Plenty of good stuff is happening, but the reckless greed-fueled current hype part is not good.
Progress in the field appears largely based around empirical experimentation; researchers come up with some new technique (e.g: attention), set off runs with and without their proposed modification, then publish results. Not always as scientifically rigorous as it could be (no pre-registration, evaluation set leakage, etc.), but wouldn't say it's a pseudoscience.
That's like asking "Are Merkle-trees fake?"
Even if it gets posted during a week with a lot of other submissions about imploding cryptocurrencies, no amount of charitable-theorizing on my part can stop the answer from being a clear "No."