The world could run on older hardware if software optimization was a priority

100% agree with Carmack. There was a craft in writing software that I feel has been lost with access to inexpensive memory and compute. Programmers can be inefficient because they have all that extra headroom to do so which just contributes to the cycle of needing better hardware.

Software development has been commoditized and is directed by MBA's and others who don't see it as a craft. The need for fast project execution is above the craft of programming, hence, the code is bug-riddled and slow. There are some niche areas (vintage,pico-8, arduino...) where people can still practise the craft, but that's just a hobby now. When this topic comes up I always think about Tarkovsky's Andrei Rublev movie, the artist's struggle.