Many new ideas came through promising to be "transformative" but never reached anywhere near the impact that people initially expected. Some examples: SOA, low-code/no-code, blockchain for anything other than cryptocurrency, IoT, NoSQL, the Semantic Web. Each of these has had some impact, but they've all plateaued, and there are very good reasons (including the results cited in TA) to think GenAI has also plateaued.
My bet: although GenAI has plateaued, new variants will appear that integrate or are inspired by "old AI" ideas[0] paired with modern genAI tech, and these will bring us significantly more intelligent AI systems.
[0] a few examples of "old AI": expert systems, genetic algorithms, constraint solving, theorem proving, S-expression manipulation.