Ethereum move to the Point of Sale ahem, to the PoS was simply late. It's not a new invention an is years old by now. DerangedFinance is only interesting for speculators and scammers. Without CEX on-ramps there is nothing interesting or useful in DeFi for a common people. It is only interesting to observe from the outside, how yet another bridge has been "hacked" due to the poor code, or how another person had been destroyed with slippage due to shitty UI of all token software, etc.
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.