Money, regulations, EUV machine lead-times, global helium supply, reality ...
It's funny that we've got the Dwarkesh contingent saying that GPUs will become infinitely expensive, and now another contingent saying that they will become infinitely abundant.
Even if compute were free, and/or the AI was so smart that it picked the right experiments to run every time ("make no mistakes"), you still have to actually train the model, which takes months, and if model Ver. N+1 depends on model Ver. N, then it's iterative regardless of how much compute you have.