As for the growing hashrate, I'm wondering who is getting that gear
I would guess a large U.S. corporate miner, like Whitstone or White Rock is contributing most of the hashrate. These folks don't care if they make no profit or lose money for a few years. They have hundreds of millions in venture capital to throw at mining that their investors can't do anything else with.
Yup, these rich corporates will redefine what mining is, a long time ago, there was 3-5 months ROI possibility on many gears (both in BTC and $), now the minimum is over a year, eventually, it will be like any other business where nobody including those big corporates can hit ROI in a few years.
Power doesn't seem to be limited over there, money isn't limited either, it seems like the only real bottleneck here would be the manufacturing speed, current hashrate estimation is 223EH, a 5% increase is 11.15EH, which translates to nearly 111,000 S19 pros, to make and deploy that amount of gears is unsustainable IMO, we will have to slow down very soon, but we will never stop growing.