That’s not happening anymore due to real world constraints, though. Dennard scaling combined with Moore’s Law allowed us to get more performance per watt until around 2006-2010, when Dennard scaling stopped applying - transistors had gotten small enough that thermal issues and other current leakage related challenges meant that chip manufacturers were no longer able to increase clock frequencies each generation.
Even before 2006 there was still a cost to new development, though, us consumers just got more of an improvement per dollar a year later than we do now.