The medical company I worked for ONLY spent money to become compliant because customers were asking about it. The hyperbole - according to people like Gary North - was that medical monitors could shut down if the Y2K bug was not fixed. Never mind that there weren't ANY medical monitors in the entire industry that would shut down if the internal clock spewed out a wrong/meaningless date.
One thing I noticed; not even poor countries around the world (who didn't have the resources to become compliant) suffered any major problems.
What confused Y2K - is that there was a small element of truth to it - but it was WAY over-hyped.