I don't think it's true that the tech is in its infancy. I'd say it's pretty mature by now, reaching a mostly steady state.
Huge advancements in zero knowledge cryptography have been made in the last year. Ethereum activated Proof of Stake in September. New DeFi primitives are released regularly.
It's actually hard to keep up with all of the research and releases which is why your comment is so perplexing unless it was made in bad faith.
What people mean here is that general innovation is dead in token industry, finding a new niches, new industries. All attempts have dies in 2018 or so. Decentralized storage, decentralized compute (with blockchain), decentralized LoRaWan, decentralized identities, decentralized off-chain ownership and so on and so forth. All failed spectacularly.
The only innovation remaining is simply more advanced instruments for scammers and illegal finance operations. That is innovation, but not particularly interesting for mass market.