We are? What innovation?
What do we need innovation for? What present societal problems can tech innovation possibly address? Surely none of the big ones, right? So then is it fit to call technological change - 'innovation'?
I'd agree that LLMs improve upon having to read Wikipedia for topics I'm interested in but would investing billions in Wikipedia and organizing human knowledge have produced a better outcome than relying on a magic LLM? Almost certainly, in my mind.
You see, people are pouring billions into LLMs and not Wikipedia not because it is a better product - but because they foresee a possibility of an abusive monopoly and that really excites them.
That's not innovation - that's more of the same anti-social behaviour that makes any meaningful innovation extremely difficult.