AGI is a scientific problem of the hardest kind, not an engineering problem where you just use existing knowledge to build better and better things.
Marving Minsky once said that in mathematics just five axioms is enough to provide the amount of complexity that overwhelms the best minds for centuries. AGI could be messy practical problem that depends on 10 or 25 fundamental 'axioms' that work together to produce general intelligence. "I bet the human brain is a kludge." - Marvin Minsky
The idea that if many people think this problem very hard, the problem is solved in our lifetime is prevalent. It's not true in math and physics, so why would AI be any different? Progress is made but you can't know if there is breakthrough tomorrow or if it happens 100 years from now. Just adding more computational capability is not going to solve AI.
Currently it's the engineering applications and the use of the science what is exploding and getting funded. In fact, I think some of the best brains are lured from the fundamental research into applied science with high pay and resources. What the current state of the art can do now has not been utilized fully in the economy and this brings in the investments and momentum.