Overhyped -- maybe. But I think this buzz is mostly based on a misunderstanding which problems a smart contract (and blockchains, for that matter) can and can't solve.

I doubt that smart contracts will ever go beyond decentralized monies and facilitating p2p commerce / trading; however these use cases alone could already prove groundbreaking.

If one could trade classical stocks / securities and handle their dividends with the ease of ICO tokens that would be quite revolutionary, at least in my book. After all there's a massive overhead of brokers and bankers one could get rid of by replacing them with nearly frictionless p2p trading.

On the more futuristic side of things I do think it's imaginable that further down the road one (or even both) of the peers could be replaced by a machine. In the simplest case, this could be a casino script. In a more optimistic case, one could imagine a future iteration of current voice assistants taking care of more complex (financial) tasks. The latter being a more speculative use case, obviously.

More realistically, however, I think the most important role that smart contracts will play, will be the part of the unsexy utility technology, doing the heavy lifting in the back. Prime example being Lightning Network and other protocol layers (eg. token / asset layers, at which point we're back at the question of the viability of smart contracts handling digital assets).