Innovation is creating combinations of existing knowledge and finding new knowledge in the process. The role of GPT will be to reduce the cost of exploring the space of existing knowledge, and helping to evaluate these combinations.
Each time you try some new combination, it's like buying a lottery ticket. The more tickets you have, the better your cumulative odds of "winning".
I think innovation is clearly going to keep on going. Even if Moore's law tops out and we can't get new chips in 5 years due to some calamity, we'll just keep optimizing and making things better with the tools and techniques we've already got.