The hype is because Intel and AMD have an enforced duopoly of x86, because only they own the licenses to x86-64 and you'll take it from their cold dead hands.
So, if you want to compete, you'll have to go ARM. Amazon graviton and Apples M series have only made it more appealing.
The ARM server hype was 10 years ago. Every Linux distro wanted to be first, but then they all waited for the year of the ARM server.
Nice to see that things seem to start moving a bit now. Energy consumption and cooling are major concerns for data centers. ARM is just so much better when it comes to energy consumption. So the potential should be there.
So, if you want to compete, you'll have to go ARM. Amazon graviton and Apples M series have only made it more appealing.
The main reason to switch is cost.