I think it depends on your definition of "transformative." Have FAANG not transformed the way we live our lives? If you restrict "transformative" to mean physical technology instead of information technology, then yeah, it makes sense that software is somewhat peripheral in that effort. There are areas where software is helping (ex: AlphaFold). Outside of AI, though, having domain expertise is necessary in addition to having programming skills, so it's more effective to teach domain experts to program than vice versa.