Sounds like this criticism would be valid for fundamental physics but there are many other physics fields with experimental results that become technology.
if you want to do applications, engineering will get you a 10% higher salary for the same job.
Yes, there's definitely some interesting fields that are making progress that are still in the purview of "physics". Materials science, or condensed matter physics, is doing a lot of fascinating work with quasiparticles: https://en.wikipedia.org/wiki/Quasiparticle There's a number of fields you could call "quantum engineering" where physics and engineering work together on the cutting edge. Some of the output of that is why our TVs are so good.
There's a lot of work to be done on how big systems, where "big systems" can be as small as hundreds or even dozens of atoms, behave, where you can't "just" throw the whole wavefunction into a computer and crunch away on it.
It's particle physics that seems to be stuck in a rut. Fundamentally, they're starved for useful data. Until that is resolved, the science really isn't going anywhere. Since people on the internet frequently seem to operate on the silly theory that someone pointing out a problem has some sort of obligation to propose a solution, let me say outright I have no more clue how to resolve this than anyone else does, except to hope that some sort of other progress in other fields creates new opportunities for new experiments.