The low-level stuff is continuing to incrementally innovate. Has been for decades: Drives get more capacity, SSDs likewise. This is component improvements, driven by people who are educated in such esoteric fields as quantum mechanics and magnetic domain modeling.
Above that though, what is there to innovate? You can't turn X bytes of storage into >X bytes through any form of elaborate software misdirection, you can only provide the illusion. You can't recover your X bytes of data if less than X bytes remains after a drive failure, so you always need X+Y for redundancy. The mathematics is unforgiving. You can only try to make the best from the hardware with tiering and management functionality, a field which is pretty much done to death now.