I am not sure where the OP is hearing that the hype cycle is dissipating, but MCP adoption is actually accelerating, not decreasing [1]
More than 200% growth in official MCP servers in past 6 months: https://bloomberry.com/blog/we-analyzed-1400-mcp-servers-her...
He's talking about the vanguard; early adopters. Growth is in the bigger, later stages of the funnel.