What exponential gains? Apple chips have never been delivering exponential increases in performance. They have been delivering rapid, but linear increases in power every year that has far outpaced anything from Intel.
The exponential gains which people are expecting is because until now, Apple has achieved this extremely impressive but linear increase in performance installed in power and thermally constrained devices, like iPhones, iPads and (now) small form factor laptops.
Once you remove those constraints and put them into larger form factor and mains power connected devices, they can start pumping in more power, increasing clock speeds, core counts and active cooling and you'll really start to see these things fly.
Just to piggyback on this with regards to the OP, the so-called "exponential" growth you refer to is in relation to the Intel processors that were replaced, not the A-series Apple units. If you look at that graph, you can draw a single straight line between each and every one of the Apple results, while the Intel has both 5th and 11th gen CPUs as outliers on their overall pattern. If you look at that graph, Intel only managed to increase performance by roughly 50% in six years, while Apple increased the performance of their A-series processors by over 300%, and in a linear fashion at that. There is one big factor working in Apple's favor that Intel does not have, and that is the TSMC partnership. While Apple is already using their 5nm process for both the A14 and M1, TSMC is already developing both 3nm and 2nm processes, which would serve to continue this linear path of improvement for the A-series. Meanwhile, Intel delayed their full shift to 10nm by two years because they can not get a 10nm desktop to work reliably enough to be labeled a Celeron, let alone anything in the Core series.
Knowing the way Apple operates the M1 is not the first Mac SoC Apple has developed, it is just the first SoC deemed ready for prime time. Furthermore, Apple probably has the next 2-3 years for both the A and M series already mapped out with the 2021 chips nearing production, especially if the rumors of an early 2021 release of more new Macs is true. The other reason Apple is likely to continue on this steady path of improvement on a year to year basis is that since they build both the OS and SoC, they can design both components to work well together, just like they have done with the iPhone and iPad since their initial launch.