One might argue that the universe is doing much more computation every instant, but it's not so evident because of compression (for example algorithm like Hashlife). There are numerical shortcuts as anyone that has written a numerical simulation knows. For example you can simulate a black hole that may one time have been entire galaxies by just a few numbers (its mass, momentum, and spin).
Proof of work, give us an upper bound on the computation available to us. The question is what is going to happen when we cross this bound. I like to call it Numerical Biological Instability : when you write big enough simulations you have to take into account for the emergence of unwanted sub-computations that may end-up stealing all your computation cycles.
And I like the idea of NBI being one possible solution to the Fermi Paradox : We are the first advanced civilization because there can't be multiple advanced civilizations because as soon as we suck-up all the available computation the simulation speed crawl to a stop. And given that we can see to the edges of the universe with telescopes, it's not easy to put computational limits on parts of the universe without leaving observable traces. And given that computational power tend to follow exponential growth. Only universes with a single advanced pre-singularity civilization tend to be simulated.