It hasn't worked 'well' for computers since like the pentium, what are you talking about?

The premise was pretty dumb too, as in, if you notice that a (very reductive) technological metric has been rising sort of exponentially, you should probably assume something along the lines of we're probably still at the low hanging fruit stage of R&D, it'll stabilize as it matures, instead of proudly proclaiming that surely it'll approach infinity and break reality.

There's nothing smart or insightful about seeing a line in a graph trending upwards and assuming it's gonna keep doing that no matter what. Not to mention that type of decontextualized wishful thinking is emblematic of the TREACLES mindset mentioned in the community's blurb that you should check out.

So yeah, he thought up the Singularity which is little more than a metaphysical excuse to ignore regulations and negative externalities because with tech rupture around the corner any catastrophic mess we make getting there won't matter. See also: the whole current AI debacle.