This was a big concern for NASA though. Their typical guidelines were that commercial satellites have to have >90% reliability to deorbit the satellite. But they want to increase this for the SpaceX satellites because if 10% (~400) of the satellites end up failing then they are effectively up there forever.
An example of how long shit can stay in space: A Saturn V booster rocket is still out there, slowly orbiting the planet: https://en.wikipedia.org/wiki/J002E3
Edit: Their most recent application only moved the Phase 1 satellites in to the lower orbit. In later phases they are still planning on having more than 1000 satellites at the higher orbital altitude.
So it wouldn't stop progress for a century, but might it put a damper on things on the same scale as the Great Depression?
Plus, in the ~1100 km orbit you are getting in to the lower Van Allen belt where the radiation will degrade electronics much more quickly. This can be mitigated with radiation-resistant parts and more shielding, but it adds a lot more cost.
https://mobile.twitter.com/TMFAssociates/status/106076080100...