Maybe, but 99% of it’s still gonna be in pointless stuff, bloat, fancy UI bells and whistles. A word processor today does nothing (of notice in the end product) that a word processor 30 years ago couldn’t do. But it requires several gigabytes more RAM and hard drive space to do the exact same things.
However, an average user will never even stress a mid-range modern processor. Browsing the web or editing your recipes or whatever, that doesn’t even come close to the capacity of a modern CPU. Even using today’s ridiculously bloated programs. Even high-end games, with their 60fps graphics - the GPUs can handle just fine.
Hardware really isn’t the problem anymore, it’s how we use it that matters. That’s doubly important in making optimal use of multicore processors, and even moreso in distributed networked systems. And that’s all on the software design. But for most things that most people are using computers for, the hardware’s already more than enough. It’s ok for Moore’s law to tap out now. We’ve got more than we need from it.