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And up to now we have zero indication that the current approach isn't a dead end. Bill Gates, for instance, thinks that GPT-4 is a development plateau: https://heise.de/-9337989
Bill has made some famously bad predictions in the past. Here's a small sample https://www.independent.co.uk/news/people/the-worst-things-bill-gates-ever-said-a6990046.html
It's possible that the current $100 billion market size of AI and all the AI job openings are completely misplaced but that's indication that a lot of people have pretty high expectations that AI will continue to grow.
Ah, yes, famous expert in artificial intelligence and machine learning, Bill Gates. I'm personally curious what Taylor Swift thinks about Chat GPT 5, myself. That girl's got a lot of money, which means she must be smart and has smart opinions on topics like generative AI and the efficacy of currently undeveloped LLMs.
We have plenty of indication, when we look at past technologies that plenty thought to have plateaued still being improved.
Didn't Bill Gates think spam would been a thing of the past ... in 2006.
My junk folder disagrees.