Y2K.....was it a complete hoax? No. There are some genuine Y2K issues.
Was it massively over-hyped and blown out of all proportion for maximum effect and therefore profit? Yes.
Remember that it was the IT industry (which I work in and therefore must declare a vested interest) created the problem in the first place, albeit inadvertantly, and a very long time ago. But the amount of money that has been spent on Y2K the past few years is ludicrous in proportion to it's impact. Where did this money go?.....to the IT industry........Make of that what you will.
At any rate there are likely to be more problems from Tuesday when everyone goes back to the office, and at the end of January and the end of the financial year so it's not over yet.