I do agree with you, but I think there a non-zero chance the situation might be different now.

We are not getting the same insane gains from node shrinks anymore.

Imagine the bubble pops tomorrow. You would have an excess of compute using current gen tech, and the insane investments required to get to the next node shrink using our current path might no longer be economically justifiable while such an excess of compute exists.

It might be that you need to have a much bigger gap than what we are currently seeing in order to actually get enough of a boost to make it worthwhile.

Not saying that is what would happen, I'm just saying it's not impossible either.