This article critically examines the recent hype around AI safety. We first start with noting the nature of the AI safety hype as being dominated by governments and corporations, and contrast it with other avenues within AI research on advancing social good. We consider what 'AI safety' actually means, and outline the dominant concepts that the digital footprint of AI safety aligns with. We posit that AI safety has a nuanced and uneasy relationship with transparency and other allied notions associated with societal good, indicating that it is an insufficient notion if the goal is that of societal good in a broad sense. We note that the AI safety debate has already influenced some regulatory efforts in AI, perhaps in not so desirable directions. We also share our concerns on how AI safety may normalize AI that advances structural harm through providing exploitative and harmful AI with a veneer of safety.