Nah, it can be just talking without much rigor or verification of fact or anything, often with a loose boundary between opinion and fact - the "to talk in an exaggerated or foolish manner" definition.

As in "my buddies and I were bullshitting about movies the other day."

ChatGPT definitely talks with an exaggerated manner confidence-wise.

Mislead is probably a more accurate term. Bullshit exists outside of the correct/incorrect binary and serves only to build narrative.