The best tests are your own custom personal-task-relevant standardized tests (which the best models can't saturate, so aiming for less than 70% pass rate in the best case).
All this is to say that most people are not doing the latter and their vibes are heavily confounded to the point of being mostly meaningless.
You are right that this is not exactly subjectivity, but I think for most people it feels like it. We don't have good benchmarks (imo), we read a lot about other people's experiences, and we have our own. I think certain models are going to be objectively better at certain tasks, it's just our ability to know which currently is impaired.
People judge models on their outputs, but how you like to prompt has a tremendous impact on those outputs and explains why people have wildly different experiences with the same model.
One model can replace another at any given moment in time.
It's NOT a winner-takes-all industry
and hence none of the lofty valuations make sense.
the AI bubble burst will be epic and make us all poorer. Yay