I have read hundreds of computer science papers from the 60s, 70s and 80s as part of my academic work, and frankly, everything I'm seeing today was conceptualized and/or invented then. It's staggeringly obvious if you read the sweep of history as written by journal article titles in, say, Software Practice & Experience, between 1970 and 2010. Somewhere in the late 80s things just peter out.
I strongly suspect a few things have come into play here.
* Disdain for formal mathematics by software writers. Mathematics is so absolutely key to heavy-duty breakthroughs in computer science.
* Increasing percentages of academics who never worked in the real world (and consequently knew how to get stuff done or what really matters).
* Lack of the academic industrial research labs such (Hi MS Labs! You are awesome! Keep it up please!). Also, lack of massive DARPA/DoD/DoE & NASA funding.
* The general decline of academic research quality, sacrificed on the altar of metrics (e.g., papers per year) & budget cuts.
* Friction caused by standards and legacy data & code. It's easy to innovate in a greenfield world. When you have to support five gazillion things & have 'batteries included', barriers to adoption are a lot higher.
I suspect major seminal work in the next decade will come from the Haskell crowd, since they are the most mathematics-heavy writers, and it is gaining traction in Microsoft and Google, which have the budget to support offbeat research.