We are constantly getting smaller and faster models that are close in performance to state of the art from few months prior. And that's due to architectural inventions. I'm sure it takes some time for these inventions to proliferate to frontier and that some might not be applicable there but we are definitely going faster than just due to compute increase.

It will get faster, but there are no singularities in the real world. Except possibly black holes, but we can't even be sure of that.