A lot of the top researchers are working on making LLMs more capable, so it's not impossible for new breakthroughs to occur, they might not just be as rapid paced as the last two years or so.

There's also lots of utility to be found with the best LLMs today. I'm working on something myself, and have seen others pushing the boundaries in hackathons and startups. So that's a lot of innovation and value that's definitely not a bubble.