I frequently hear people make the claim that progress in theoretically physics is stalled, partly because all the focus is on String theory and String theory doesn't seem to pan out into real advances.
Believing it fits my existing biases, but I notice that I lack the physics understanding to really know whether or not there's progress. What do you think?
In many cases, there are diminishing returns to a given scientific paradigm. The fact that you observe a field getting diminishing returns doesn't mean that there isn't a paradigm that the field could adopt that would allow for returns to flow again. Paradigm change is about pursuing ideas that people in the old paradigm don't find promising.
Just adding more smart people who follow a hegemonic paradigm doesn't automatically get you paradigm shifts that unlock new returns. If string theory stiffles progress, it would look from the inside like there are diminishing returns to theoretical physics.