People on HN have been claiming that LLMs are going to hit a wall any second now for the past two and a half years.
To reiterate, this is the very beginning of a long series of technological expansions that are going to come out of GenAI. The work is going to go on for decades. All you have to do is look at what happened with the mass-produced automobile, the personal computer, the internet, and mobile phones to see how long the propagation will continue before we settle into a new normal.
LLMs are really so new that the amount of exploration we've done on them is still tiny. It's also a field where a decade of work is being done every year. The vast majority of detractors I've seen always seem to be way way behind the latest models and even farther behind the papers coming out.