This is definitely a scare tactic by Google, but I don't see it as being a bad thing. Those that will ignore it, have probably been ignoring the HTTPS issue for years now. I think it will definitely help at least bring attention to people possibly looking at the benefits of HTTPS, such as encrypted data, SEO, performance in some cases (HTTP/2), better referral data from Google Analytics, trust, and now... well I guess you can add Chrome labels to the list.

For those of you debating migration, don't forget the SEO aspects as I have seen some people completely kill their traffic overnight. Such as creating new GSC profile, re-submitting disavow file, 301 redirects, etc. Here is a good guide: https://kinsta.com/blog/http-to-https/