I've wondered this, too. If they lived long enough after the new generation is born, they might've developed language or some other communication system.
I'm being very human-centric, though. It just seems like if they're intelligent enough to recognize individual faces, use tools, and learn from what other octopi do, a complex language would be inevitable. And from there they'd accrue oral histories and localized cultures.
[0] https://www.livescience.com/53514-octopuses-lead-social-live...