The only reason to think Moore's law is dead now, much less a decade ago, is if you don't know what Moore's law actually is.[1] I don't blame you for that though, it was incorrectly explained for decades.
Moore's law refers to the number of transistors, not speed. We've consistently added more transistors to CPUs, but through separate cores,since there are problems related to doing that usefully with a single core. Now, that's been of mixed benefit to some programs, because not all problems, programs, or programmers can effectively take advantage of multiple cores, or at least not effectively. GPUs though, are doing work that is "embarrassingly parallel", and thus can effectively utilize this increase in transistors and cores. For example, the GeForce Titan X has 3072 CUDA cores.[2]
The GeForce GTX 760 (maybe a mid-range desktop part?) was released June 25, 2013 with a retail price of $249.[3] The GeForce GTX 980M (second newest generation mobile part) was released October 7, 2014 (two years ago!).[3] It trounces the desktop part from one year prior.[4] We've had a year since then. I don't think there's any problem hitting the performance of the last generation of consoles, at least as far as the GPU is concerned.
Edit: Switched from 980 to 980M to clearly indicate a mobile part, which only makes the release a year earlier for the mobile part, but doesn't really change the outcome.
1: https://en.wikipedia.org/wiki/Moore%27s_law
2: http://www.geforce.com/hardware/desktop-gpus/geforce-gtx-tit...
3: https://en.wikipedia.org/wiki/List_of_Nvidia_graphics_proces...
4: http://gpuboss.com/gpus/GeForce-GTX-980M-vs-GeForce-GTX-760