Y2K was a known thing, not a surprise. Yes, the media scare mongered, but they do that every day.
Y2K WOULD have shut down things. I can say with first hand knowledge that the primary grocery chain in the Mid-Atlantic region would not have gotten products from the warehouse to the stores.
Industry spent millions FIXING the issue before the event to prevent it. Y2K was indeed a genuine threat, but as with anything we see coming, we mitigate it.
People use Y2K as an example of hype when nothing happened, but nothing happened because so many of us worked so hard to make it be a non-event.