Insane compute wasn't everything. Hinton helped develop the technique which allowed more data to be processed in more layers of a network without totally losing coherence. It was more of a toy before then because it capped out at how much data could be used, how many layers of a network could be trained, and I believe even that GPUs could be used efficiently for ANNs, but I could be wrong on that one.

Either way, after Hinton's research in ~2010-2012, problems that seemed extremely difficult to solve (e.g., classifying images and identifying objects in images) became borderline trivial and in under a decade ANNs went from being almost fringe technology that many researches saw as being a toy and useful for a few problems to basically dominating all AI research and CS funding. In almost no time, every university suddenly needed machine learning specialists on payroll, and now at about 10 years later, every year we are pumping out papers and tech that seemed many decades away... Every year... In a very broad range of problems.

The 580 and CUDA made a big impact, but Hinton's work was absolutely pivotal in being able to utilize that and to even make ANNs seem feasible at all, and it was an overnight thing. Research very rarely explodes this fast.

Edit: I guess also worth clarifying, Hinton was also one of the few researching these techniques in the 80s and has continued being a force in the field, so these big leaps are the culmination of a lot of old, but also very recent work.