We're in a bit of a lull but I think more than anything people take things for granted. There's been all sorts of advancements in all areas and when put together they add up a great deal. Yes, on an individual basis they are more subtle than going from 2D to 3D but that doesn't make them less significant.
Just compare Tomb Raider at 4K to SotTR at 4K and you'll see. People forget until a side by side shows the differences in stark contrast. That a current card can yield such results with how demanding the games are is just great.
What's even more impressive is that it can even handle 8K competently and we're a year from that even being a thing! (hdmi 2.1, native 8k displays etc) Let alone being a thing for anyone other than the 0.1%.
Overall I would say software is still further behind than hardware right now, simply based on the fact that people's setups aren't even current so they have to focus on a large enough playerbase for the development to be sustainable at all. So in the end you aren't even seeing games for today's hardware until a few years after. In fact, there's very few even 4K games being actually properly done at that resolution, let alone 8K. My favourite & recent example is The Witcher 3, which as great as it is, still required community development to really put it at that level as well (IDD mod, 4K textures, etc). And that's a lucky example because it at least allowed others to do that to it. Otherwise, it's hard to even come up with other examples, mostly because 99.9% of games just gimp LOD to smithereens on account of consoles. So while, to give another example close to my heart, Odyssey looks great in certain areas & angles, as soon as you're looking from the shore to another shore, you're basically staring at impressionist paintings because unless something's staring you in the face, the LOD is awful, and sometimes it has problems even up close! But that's just the usual, almost no games escape this fate (and if they do, it's only if they're moddable/ini tweakable).
So, I wouldn't worry. The Golden Age of 4K gaming isn't even here yet, and already we have GPUs that can handle it with ease (talking about a 60hz scenario, not some even more ultra-enthusiast setups). Which means that by the time we have proper 4K scaling for all these titles, GPUs will handle it with even more ease; and since PS5/X2 aren't coming before mid-late next year, there's even more time for all those GPU developments to happen.
FHD & QHD have basically stopped being a challenge since the Hawaii/Kepler days, and today GPUs handle any title with ease at those resolutions, even the affordable ones (RX 590 etc).
I'm really not worried about GPU development (nor even pricing).