You’re absolutely right that technology isn’t accelerating as quickly as it used to.
Still, things have changed quite a bit in the last 20 years. Cloud computing, for instance, didn’t need much to change in terms of the technical possibilities, or even in terms of the availability of consumer hardware. Groundbreaking changes can still happen without needing the baseline technology to improve.
You’re absolutely right that technology isn’t accelerating as quickly as it used to.
Still, things have changed quite a bit in the last 20 years. Cloud computing, for instance, didn’t need much to change in terms of the technical possibilities, or even in terms of the availability of consumer hardware. Groundbreaking changes can still happen without needing the baseline technology to improve.