We’ve reached far beyond practical necessity in model sizes for Moore’s Law to apply there. That is, model sizes have become so huge that they are performing at 99% of the capability they ever will be able to.
Context size however, has a lot farther to go. You can think of context size as “working memory” where model sizes are more akin to “long term memory”. The larger the context size, the more a model is able to understand beyond the scope of it’s original model training in one go.