To some extent. But if you give so much latitude to judges, you're asking for complications. Unfortunately, things like obviousness and originality are not clear cut. If we want limits per se, I think Congress is the place to implement them, not the courts.
That said, it's worth asking whether the courts are actually expanding the bounds of patentable subject matter, or simply upholding the breadth of the existing laws. It doesn't seem like this is a case where they could expand it—that would involve overturning precedent. If they aren't overturning precedent, they're simply saying “yep, the law is in fact this broad”. I'm not super-well-versed in the details of the case, however.