These days it's almost trivial to design a binder against a target of interest with computation alone (tools like boltzgen, many others). While that's not the main bottleneck to drug development (imo you are correct about the main bottlenecks), it's still a huge change from the state of technology even 1 or 2 years ago, where finding that same binder could take months or years, and generally with a lot more resources thrown at the problem. These kinds of computational tools only started working really well quite recently (e.g., high enough hit rates for small scale screening where you just order a few designs, good Kd, target specificity out of the box).

So both things can be true: the more important bottlenecks remain, but progress on discovery work has been very exciting.

As noted, I agree on the great strides made in the protein space. However, the over saturation and redundancy in tools and products in this space should make it pretty obvious that selling API calls and compute time for protein binding, annd related tasks, isn’t a viable business beyond the short term.