In the era of more software advancements, people have perceived the progress of tech to be incremental more than the opposite. I think even tech bigwigs of the past have said extrapolation is a futile endeavor because technology is unpredictable.
Extrapolating that technology will get better in the future when it has got better in the past isn’t a sure bet, but it’s a reasonably reliable one.
Of course it's an indicator of future performance - Not a guarantee, but certainly a indictator.