Memory access times have not significantly improved in many years.

Memory bandwidth has improved, but it hasn't kept up with memory size or with CPU speeds. When I was a kid you could get a speedup by using lookup tables for trig functions - you'd never do that today, it's faster to recalculate.

2D vs 3D is legit, I have seen this law written down as O(sqrt N) for that reason. However, there's a lot of layer stacking going on on memory chips these days (especially flash memory or HBM for GPUs) so it's partially 3D.