The quality of open source databases with views, partitions, etc as well as improvements in server hardware have made this approach much more appealing.

if you think about it, serverless lambdas are just stored procedures with bells and wistles.

Lambdas feel more like CGI scripts. Too bad they didn't just use the CGI standard instead of something proprietary.

if you think about it, php is just stored procedure with bells and whistles.

nah you have to worry about deployments of where .php were placed and mod_php and php-fpm stuff. DB can scale and you don't have to worry where SP were executed.

I have a huge feeling there will be a compressive period after the sort of cambrian explosion we've seen in the last decade.. everybody do very similar things, spread across N layers just so you can modify a bunch of rows in db. Mind boggling.

Yes, we had that at Oracle as a product. SQL + PL/SQL = HTML. It also had a built in versioning that if two users would change the same record it would moan.