It's a good point, and it remains to be seen how we'll look back at the 'achievements' of current Silicon Valley.
That said, I don't think the hubris is entirely unwarranted. I consider myself generally too much of a skeptic of new things, and yet I quite regularly marvel at what's happening.
It's not that the things coming out of Silicon Valley are hugely innovative, but rather, as others have also pointed out, the growing ubiquity of all this stuff, and not just in the West.
Perhaps a lot of the sentiment that often seems like hubris is really vindication and excitement: vindication because all the stuff we early-adopters loved and that others didn't understand (or even made fun of) is now used by everyone, and excitement because it means there's a market for the stuff we've been working with for so long.
Perhaps the younger among us are mostly excited by what they see as new possibilities and what are, to them, new discoveries.
For example, I remember making a game for Windows and I remember how excited I was that my parents and even some colleagues were playing it! I even put the game on floppies and printed my logo on it.
Now, I'm teaching my younger brother programming by building the same game. The first difference this time around is that we're using javascript and HTML/CSS. In one day I set up the basic project with him that he can push to heroku and immediately show to friends and the world, and in about two weeks he worked through a number of CodeSchools lessons and has access to vastly more resources than I do.
I feel happy and vindicated, in way, that my weird hobby is now practiced by someone who is not very nerdy, and my brother is getting excited about all the stuff he can imagine building and releasing into the wild. No need to buy floppies and hand out his game: it's instantly accessible to everyone with internet and a browser.
Now this is just one example. Consider also the access to all kinds of roboty goodness that can be programmed with the same javascript, the fact that there's a huge potential paying audience through various app stores, and the huge (but probably rather unattainable) carrot of making the next Flappy Bird or whatnot.