I have followed Sebastian Aaltonen's work for quite a while now, so maybe I am a bit biased, this is however a great article. I also think that the way forward is to go back to software rendering, however this time around those algorithms and data structures are actually hardware accelerated as he points out. Note that this is an ongoing trend on VFX industry already, about 5 years ago OTOY ported their OctaneRender…
Isn't this already happening to some degree? E.g. UE's Nanite uses a software rasterizer for small triangles, albeit running on the GPU via a compute shader.
Meanwhile GPU raytracing was a purely software affair until quite recently when fixed-function raytracing hardware arrived. It's fast but also opaque and inflexible, only exposed through high-level driver interfaces which hide most of the details, so you have to let Jensen take the wheel. There's nothing stopping someone from going back to software RT of course but the performance of hardware RT is hard to pass up for now, so that's mostly the way things are going even if it does have annoying limitations.