To address the thread title: Yes, and no.
We're currently hitting a "thermal density" barrier.
Exemplified in the R&D and patenting of integral nano-peltier devices, to (inefficiently) pump heat from active/dense parts to inactive/low-logic-density portions of the die.
This is also why we've seen Industry Alliances in developing MCM designs.
Absolutely, we will see higher TDPs. However, things will get 'strange' rather than 'linear'.
(In terms of bigger coolers and more capable power-carrying interfaces)
Performance/W efficiency is continuing to improve but, that gained efficiency is 'eaten' in pushing Net Performance higher. The Thermal Density Issue, is pushing us towards active thermal management at the lithographic-level, with MCM spreading that heat over more surface/mass.
As far as what I mean by 'strange':
Looking at CPUs, Dynamic Clocking and Active Power Management for subcomponents of the die(s) has allowed overall performance and peak clocks that were previously impossible.
Yet, when pushed to their 'fullest', those devices need extraordinary power and cooling.
Another (personal favorite) is something like Vega 10.
Full-Fat Vega 10 (Vega 64/FE/WX9100/MI25) was known as a 'hot and hungry' GPU.
But... That's only when clocked towards the limits of the architecture. Yet, Vega in Zen APUs 'sip power', with the last revisions managing to perform faster overall, with less actual hardware.
Speaking from experience, the 'biggest' 'fattest' 'hottest' GPUs will "Sip Juice, and Chill Out" when drastically underclocked.
Considering the ever-growing (and highly profitable) computing power needs of Big Data, I can only assume that we will continue to see TDPs increase, w/in the 'scope' of what's practicable and profitable.
(Don't forget, Submersion Cooling isn't marketed to Enthusiasts, because of extremely broad IPs, held by those that near-exclusively serve Big Data)