How do you reconcile that with the consistent past advancement of every aspect of image quality? Do you think that advancement has stopped? My only point is that I assume it has not and will not.
Advancements certainly haven't stop, but with regards to most aspects, they have slowed down a lot.
For noise and low light performance for example, there are two aspects that are subject to improvements. There is the efficiency of how much of the light hitting a sensor is converted to electricity and therefore detected. This is currently in the high 80% range for consumer cameras AFAIK. So even if 100% was achievable, that would make things not much better.
And the other aspect is the noise generated inside the camera electronics due to heat (dark current noise) and the read and amplifier circuitry (read noise). The latter is what has improved over the last years a lot. But it also has a lower limit. I don't know where exactly that would be, but obviously the read noise is very small in modern sensors and as it can't go negative, it seems we are approaching the practical minimum. Dark current can be reduced by cooling the sensor, which is actually a big part of dedicated astro cameras. But for general purpose photography, not much heat is generated in the sensor. And it should also be less now that the newer cameras are using more energy efficient parts.
As for megapixels, this is where we have seen most improvements in the recent past. You now can get as far as 32 MP APS-C sensors! Scaled up to FF that would be just over 80 MP. Quite a lot. But there's a limit as well: the diffraction limit. One your resolution has climbed so high that all apertures you frequently use are beyond the diffraction limit, you're getting the most detail for your money. But adding more MP won't help anymore. We are not at that point yet, a 32 MP sensor can resolve all the detail from f/6.3 and upward.
But getting past the diffraction limit involves some pretty specific techniques, so once we are there, that should be Pretty much it for the megapixel race. At the current rate of MP growth, it while take over a decade to get there though.
There are improvements to be had in DR. Canon has demonstrated that with its new Dual Gain Output sensor, and Sony has a different approach with dual amplifier stages that does also improve DR, although far less.