Its a very strong question--specially to ask now. I am certain that you are aware of the initial speed of the progress within this field. To take this difficult--to--explain scenario, I will use an example. In my opinion, HCI grew at the fast pace in the beginning and resulted in multi-touch screen (this is my example). But afterwards, in recent days, lot of researchers are not focusing on whats next, but focusing on how to write a 'paper' just tweaking one variable in the project that they have build years ago. Sad but truth is, this is the latest state, as well as trend. So, it is clear that the present scenario is not so promising from one point of view.
Why is it so? I don't know. My guess is (data supports it) a lot of researchers have made a gold-rush towards the HCI research area. And result is, they came, and have started living an HCI researcher life being a (no doubt, very good) engineer or something else. Otherwise, why would an HCI researcher would ever advocate for Latex as a writing tool (another example, though a bit direct). The lacking is at the basic state of understanding.
In terms of Moore's law, as you can probably see from my earlier discussion, in my opinion, it did not give anything new to HCI. The hardware became cheaper-faster, but that did not contribute much into HCI, in terms of innovation itself. :)