In a world where electric coffee grinders exist, and batteries exist, is a battery powered electric coffee grinder a new technology? Or just a new product. I'd say the latter.
There's certainly new software technology being produced every day, but much less than there are new software products being launched every day.
Yes this is true for other forms of technology too, but no, I don't think software alone outbalances technology being developed in all other fields combined, including materials science, semiconductor, medical, photonics, robotics, drones, power electronics, microscopy, machining, metrology, renewable energy, telecommunications, etc... I think it's just an indicator of a bubble perspective from someone who probably mostly interacts with software developers or follows software technology.