I'll be graduating in a few months and I study embedded/IoT. And as someone who spent the last 2 years digging in the corners of IoT, I agree that IoT can seem to be over-engineering problems that don't exist.

But the market is there, and it is huge. (mainly industrial, energy & transport applications)

IoT now is like the early personal computers, they were too expensive and almost no one knew why they needed them.