Local compute is also getting progressively harder to make faster. I have a CPU from 6 years ago and checked some benchmarks to see if upgrades would be worth it. It's a 90% increase in performance with a 27% improvement in single threaded. Pretty substantial but not exponential. GPUs are advancing more quickly than CPUs right now but I wouldn't be surprised if they hit a wall soon.

The local compute problem is a cost problem, and most people do not have the hardware necessary and judging by trends this will continue for another ~decade.