It’s not just underestimation, it’s outright misinformation.
There’s so much research by this point over the past 18 months that there’s an incredible amount going on beyond “it’s just a Markov chain, bro.”
It was never a Markov chain as that ignored the self-attention mechanism which violated the Markov property. It was just some people trying to explain it used a simplified description which went viral.
Sometimes talking to people who think it’s crap feels like talking to antivaxxers. The feelings matter more than the research and evidence.