I really don't see that. Every generation in every walk of life stands on the shoulders of giants - music is no different. It is true that for many, electric bass peaked with James Jamerson, Carole Kaye or Paul McCartney. For others, it all ended with Jaco, Stanley, Rocco, Berlin or Bootsy. Or perhaps Squire or Lee represent the pinnacle in some eyes. Maybe Claypool, Willis, Palladino, King or Wolstenholme hold your top spot? In every generation there have been players that pushed the State of the Art and set the pace for the next. This generation is no different. Their developments are permeating back to the grass roots and becoming part of the ever-expanding language of the electric bass ready for the next generation. And they are doing so at ever-increasing pace and with ever-extending reach. My opinion is that electric bass has finally broken free of the traditional roles, concepts and constraints. Nothing is off-limits to anyone willing to give it a try.
YMMV