They are, but they will also hit a physical wall at some point (if not already), and you'll continue trading "natural" dynamic range and low noise for software interpolated dynamic range and smoothing, which as others have noted, starts looking like Madame Tussaud's museum.
Then again, if Apple really wanted to impress me with their camera skills they would have to develop a medium format mirrorless digital camera for less than $5k. One can dream, I suppose.