Encoding both word and image embeddings into the same index then doing ANN on that index might also work. See this example of text-to-image retrieval: https://paperswithcode.com/task/texture-image-retrieval
Maybe someone from Dropbox can add more color to this and explain what other options they considered.
As it stands, I still can't find what I need in Dropbox. And never could. From reading this article I'd think searching for a basic keyword like "dog" or "ship" or "runner" would yield some results from my tens of thousands of photos, yet I get nothing (nothing relevant, at least).
Edit: On second reading, this is only available to Dropbox Pro and Business users. I hope they roll this out to other paying users soon.