The moonshots will still come, they might just not be from Facebook / Apple / Google / ETC. Bell Labs, the automakers, Nokia, Standard oil, Dutch East India Company were all big and powerful for their time. Just because they are no longer big and powerful, doesn’t mean the moonshots are over. Or that there won’t be any more in Silicon Valley.
The only visible stuff SV produces anymore are gimmick apps like social media, and now people are catching on to the fact these apps are really just surveillance tools for larger interests.
It's tough to think of the last time SV contributed something tangibly real and beneficial to people.
This will give birth to the next cycle of startups. I envision a lot of disgruntled ex-employees taking it to pursue their own enterprise, doing things again different than the companies before. This is a good thing.
"Tech" isn't enough.
You need to add talent, intelligence, perseverance, good management, vision, and luck.
Since the PC revolution made selling beta-test software routine, and "turn it off and back on again that should make it work differently" became a reasonable fix for machines supposedly following deterministic algorithms, it was kind of predictable that the self-driving cars and the one-drop blood tester weren't going to work as well as their PR people said.
Wouldn't, say, ChatGTP, be considered a "moonshot?"