Ask HN: How close is modern computing to vintage computing wrt. efficiency?

In a world where we know that hardware is supposed to double in power every year, is there any incentive to develop software that doesn't consume more and more power? I remember several limitations that were imposed on games due to hardware in the past, but without those limits, are we developing worse and worse quality software? This is genuinely a question, I don't know how we stack up to the greybeards, but I am willing to bet that we hardly can.