But considering that the materials will become available to the general public (they actually don't say what will or will not be released beyond the GDC streaming paywall, but at least as game engine demos go, Epic Games usually releases its keynote-style presentations, and they are hosting Coalition in their event space,) people will care, so they should be good.
I agree, GDC isn't supposed to be what gamers sometimes mistake it to be. It's not an event for announcing big games to the public, for debuting technology that players can expect in the near future, for the uninformed general public to get its information. It is a conference for game developers. But some portion of the festivities are produced for public consumption, and the public will judge it to some degree. Also, Epic Games usually sets a high standard for engine demos (The Samaritan, A Boy & His Kite, Elemental, Chaos, Lumen in Land of Nanite, etc,) and this demo won't be theirs but will be on their stage and is their main event for this year's GDC. And especially that
The Coalition itself is advertising the Alpha Point project ahead of the show on its own Twitter usually used for updating gamers about game updates and service status, this project can be fairly considered as being for the public as well as the private GDC attendees.
(BTW though, even if we forget about the public, game developers and press themselves actually like to be wowed now and then. If I were playing $250 for a GDC pass and Epic Games was basically the keynote, and all they brought for a showing of the compelling Unreal Engine 5 technology that my company is interested in investing is was just another Lumen on the Rocks demo that I could have made at home kitbashing for fun in the Early Access release, I'd be a little deflated. Game makers are geeks too.)
Whatever the case, if Alpha Point isn't amazing, so be it. You're right and I am wrong about being hyped for this, it's purpose is to support the talk to developers, not to speak to my heart as a gamer. But one year after the tech's unveiling, 8 months after the next-gen consoles launched, and with a top-tier developer doing the presentation, now would be a great time for something substantial to show running on UE5.