Of course, some benchmarks are still valid and will remain valid. Ie. we can make the models play chess against each other and score them on how well they do. But those benchmarks are in general fairly narrow. They don't really measure the "broader" intelligence we are after. And often, LLMs perform worse than specialized models. Ie. I don't think there is any LLM out there that can beat a traditional chess program (surely not using the same computing power).
What is really bad are the QA benchmarks which leak over time into the training data of the models. And sometimes, one can suspect even big labs have an economic incentive in scoring well on popular benchmarks which cause them to manipulate the models way beyond what is reasonable.
And taking a bunch of flawed benchmarks and combining them in indexes, saying this model is 2% better than that model is just completely meaningless but of course fun and draws a lot of attention.
So, yes, we are kind of left with vibe checks, but in theory, we could do more; take a bunch of models, double-blind, and have a big enough, representative group of human evaluators score them against each other on meaningful subjects.
Of course, done right, that would be really expensive. And those sponsoring might not like the result.