Our industry has its share of cycles, but this, in my view, is largely wishful thinking on the part of people. Nothing wrong with optimism but...
Every 5-10 years there's a "technical shift" that forces everyone to reevaluate how they build software or more importantly what they build, and the race starts all over again. The ice block is removed from the hot plate is replaced by a bigger, colder block of ice. And when these technical shifts aren't taking place, the bar for what constitutes as "good software" inches upward.
If your standards for acceptable software were frozen in time in 1985: using modern hardware and software toolchains, you could accomplish in one day what used to take a small team an entire month. But if I delivered, say, what passed for a "good enough" database in 1985, it would resemble someone's 200-level CS final project rather than a commercially-viable piece of software.