But completely ignoring it isn't super helpful either. I run into more issues with chrome autofilling in forms inappropriately than I ever did with forms that I couldn't autofill.
I think the solution is to follow the hint, but give users an override button next to or inside form fields that have it set to off.
The settings that come with the markup are best understood as a recommendation, a slight hint that autocomplete might not be appropriate here. The final say is always with the user, though.
Sadly, through over-usage on the part of website operators, this hint has become utterly useless.