EDIT: I would specify that I'm not saying that experimental biology "doesn't work" or doesn't get meaningful results before the bigger new technology arrives. I think the Slate Star Codex article overstates the helplessness of single-gene theories, which did explain a bunch of diseases and simple attributes, and had significant medical impacts in understanding things like cancer and chemotherapy effectiveness. It just failed to accomplish a set of other things that people wanted, like explaining intelligence or height. Each new advance (cheap genome sequencing, epigenetic readouts, hugely longitudinal metabolomics, molecule-level microscopy, and the hundred-plus advances in this direction we haven't even conceived of yet) expands the territory of what we can address through molecular biology.
Scientists are often really optimistic about whether topics of interest lie inside or without this territory at a given moment, which I think has to do more with the incentives of grant writing than anything else.