It has been a very bad bet that hardware will not evolve to exceed the performance requirements of today's software tomorrow, just as it is a bad bet that tomorrow someone will rewrite today's software to be slower.
Better hardware ensures that software that is “finished” today will run at acceptable levels of performance in the future, and nothing more.
I think we won’t see software performance improve until real constraints are put on the teams writing it and leaders who prioritize performance as a North Star for their product roadmap. Good luck selling that to VCs though.