Despite the limitations apparently present in single chip/CPU systems, they can still provide an insane amount of performance if used properly. There are also many problems that are literally impossible to make faster or more correct than by simply running them on a single thread/processor/core/etc. There always will be forever and ever. This is not a "we lack the innovation" problem. It's an information-theoretic /…
So yeah, there's a lot of nonobvious parallelism in the world. Just because something seems sequential doesn't mean it is.
I think the real reason why a lot of software is sequential/inefficient in practice is because we're just not smart enough to figure out how to optimize it (or don't have the proper incentives/it's not a priority). But that's something that's conceivably solvable; it's not limited by laws of physics the way hardware is.