Roughly every two years, the density of transistors that can be fit onto a silicon chip doubles.
The complexity for minimum component costs has increased at a rate of roughly a factor of two per year.
Effectively, it was always more of a "marketing law" than an engineering one. Semiconductor chips only had 18-36 months to reap big profits, so Intel tried to stay ahead of that curve.
Yes, but the engineering still has to be feasible. If Henry Ford had coined a similar law about eg the power of car engines, that might have been interesting marketing, but it doesn't mean Ford and the car industry could have sustained that for as long as Moore's law held.
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