I think that you have half a point. You're absolutely right that just because people are paid to think about things, doesn't mean that they are making progress. And there is a lot of evidence that this is true today in the foundations of physics.

However string theory was not intentionally untestable. In https://www.youtube.com/watch?v=eRzQDyw5C3M she gives a good history of why it was originally invented, what testable predictions it made, how it failed those tests. And then how string theorists who were trying to find relevance for their work tried to keep it going as it stumbled into being untestable.