I was amazed that we transitioned from one GPU heavy bubble (Crypto) to another (LLM/AI).

From what I understand, that's not a coincidence. We've had the technology for LLMs for a long time. We just didn't make them Large, because the training would have taken an eternity.
Then cryptocurrencies caused the GPU market to boom and then implode, which meant lots of cryptominers were selling their GPUs for dirt cheap. Perfect time to buy a bunch of GPUs, stick them in a server and try to do that eternity-long training.

And yeah, as for local chatbots, I do also imagine they will continue to be a thing, even if they won't get any better anymore when the big companies stop doing the training.
But as you kind of also reasoned, I still don't expect most of these companies to host their own chatbot...