Can we create new ideas from whole cloth any more? We've had 50+ years of TTRPGs, and the market has mostly settled into recognizable genres and flavors, such as generic fantasy, heroic, alternate history, horror, modern, cozy, espionage, near-future (and now alternate present like Cyberpunk), gritty, interstellar, war, and far future. Is there room to fit a new genre in that spectrum? Sure. But it'll definitely show its roots. Same with systems. Are there still innovations to be made that aren't roll+modifiers beating a target, dice pools, or roll+spend? Sure. Are they really bringing new technology to the table? Possibly, but I'll need convincing.
By the same token, can we find a fresh game hidden in something archaic? Is unearthing a tired system that nobody plays anymore valuable? The OSR certainly thinks so, even though a large part of the movement focuses on making new games to fix whatever the designer doesn't like in the older game. Then again, would I play PsiWorld again, even though the system has holes and needs an edit? Absolutely.
"And the world, the world turns around.
And the world and the world, the world drags me down."
- The Cult "She Sells Sanctuary"