This alreay happened once before in August of1999. The world didn’t end then, either.
That's entirely true. But far more GPS-enabled vehicles, devices, and other IoT thingies were manufactured -after- Aug 1999 than before that date. The effect in 1999 was far less severe or widespread than what it might be these days.
A lot will depend on whether the device firmware was done before or after the GPS spec changed to require a longer date field.