IOT is because of hype because networks have been congesting (check bitcoin & ether transactions taking half a days). IOT aims to develop it so that it becomes faster as it grows.
Problem is, most people don't do research that it's purely hypothetical atm and they think it's already implemented. So yeah, once that bubble will burst, there will be a sell off, but, that will just be a reason to buy more for the people that believe in it long term.