The innovation/future exists, but is not evenly distributed. For example Diamond planes [1] have:

  - The same G1000 (NXi)
  - A composite body
  - Jet-fuel burning engines adapted from recent Mercedes diesels
  - Computer control of that engine through one knob instead of managing the throttle/mixture/prop separately like cavemen
  - Crash testing, like impact absorbing seat structure and separately enclosed fuel tank modules that are unlikely to rupture instead of just filling the wing.

And a new one costs about the same as a new Cessna 172 that's been essentially unchanged since the 60's except for the G1000 like you said.

But "the same" is a pretty nice house in most of the country (~$600k) so everything is hand-built, so costs are high, demand is kept low. Commercial students trying to get their 1500hrs mostly just need the lowest cost, not the nicest or safest.

Another big area of innovation and also lower costs is in experimentals and/or light-sport. LSAs should be getting a lot more capable soon with MOSAIC [2]

[1]: https://www.diamondaircraft.com/en/private-owners/aircraft/d... [2]: https://www.aopa.org/news-and-media/all-news/2023/july/25/mo...