More seriously, I see this argument all the time: that we are just squandering our advances in hardware by making comparably more inefficient software! Considering that efficiency used to be thought of on the level of minimizing drum rotations and such: the whole point is that we're now working at a much higher level of abstraction, and so we're able to build things that would not have been possible to build before. I for one am extremely grateful that I don't have to think about the speed of a drum rotating, or build web applications as spiders' nests of CGI scripts.
Are there modern websites and applications that are needlessly bloated, slow, and inefficient? Certainly - but even those would have been impossible to build a few decades ago, and I think we shouldn't lose sight of that.