Personally, I think it's doing language, but I don't consider language general intelligence in humans. It's one particularly useful trick of dividing things into discrete symbols and pushing around the abstract discrete symbols. It's a co-processor in human reasoning; to make an analogy with computers, it's such a great trick that it's implemented in hardware, but it's not the general reasoning ability itself.

It exhibits the weaknesses of that mode of thought in humans; over-confidence, generating nonsense, etc. People have thoughts, make gestures that indicate they had the correct thought, pass it off for lexing and transmission to language bits of the brain, then process can go off the rails, and they say something different than what they think, and we know they hd the right thought by the gesture they made. We also don't know what we'll say until we say it; I can believe it quite likely that we're also kind of building nearly one word at a time with a statistical model.

I'm actually saddened that people don't recognize in themselves that this thing occurring in themselves is not real thought or intelligence even without something like GPT4 around.

The main reason I don't think it's AGI is because I don't think it's GI in humans, but I think it's doing something pretty similar to one thing we do.