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It may have already been done, but doing the same things many times may bring interesting developments or crucial details no one had thought of before. Maybe you have such a crucial idea that can, after knowing about this paper, improve it.

You should still do that. And you should read the paper and pick the bits you think might be useful and iterate on them. The cutting edge isn't like a knife, it's more like a rotating barrel of blades that take little chunks out of the impossible, and come around again.

I heartily agree, having spent months jankily recreating MRKL and ReAct on a much smaller scale before realizing those papers have existed for months already.

How can anyone keep up with the sheer volume of new papers and concepts here?

Even Two Minute Papers is now lagging by two weeks.

Don't quit. Keep moving. Theirs was exploratory. Yours could build off of what they learned, and yours could be better, different.