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Thanks for the comment that exposes the nuances. As a non physicist who is interested in physics, I would say that the predicament is that we simply don't have enough data to tell how to improve our physics theory, but we have too many physicist working in the field, so ideas just get staled.

Is that a correct assessment?

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Not exactly, I'd put it as follows: 1. In phenomenology (the science that looks into extending Standard Model) we'd definitely benefit from more data (with most viable data sources, in my opinion, being not the colliders but the detectors of extraterrestrial particles such as PandaX or Fermi-LAT). However, this doesn't stop us from getting new results, narrowing the window of possibilities for the properties of the Standard Model extensions. This "sorting a haystack in search of a needle" approach may not sound too cool, but this is exactly how we discovered the Higgs boson, for which we looked for more than twenty years. 2. In hep-th we currently lack either enough data (which we can't really collect now), or an ideological breakthrough in solving one of the hard problems. Unfortunately, the problems are indeed very hard, so that one of them (Yang-Mills existence) is a Millenium Prize problem. This caused the de-facto shift of hep-th into applied math, so now hep-th is not constrained by the data problem, and is developing as actively as an area of applied math can.

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