I take the opposite view. I don't think video generation was stagnating at all, and was in fact probably the area of generative AI that was seeing the biggest active strides. I'm highly optimistic about the future trajectory of image and video models.

By contrast, text generation has not improved significantly, in my opinion, for more than a year now, and even the improvement we saw back then was relatively marginal compared to GPT-3.5 (that is, for most day-to-day use cases we didn't really go from "this model can't do this task" to "this model can now do this task". It was more just "this model does these pre-existing tasks, in somewhat more detail".)

If OpenAI really is secretly cooking up some huge reasoning improvements for their text models, I'll eat my hat. But for now I'm skeptical.