The principle on which scaling laws are based is that straight lines on graphs are the most powerful force in the universe. If a sufficiently smooth trendline (on a linear or log scale) is discovered, the universe will contrive to extend this trend line (until it doesn't; see Moore's Law). Scaling laws are important to biology (as organisms are constrained by limits such as heat dissipation, gas/chemical exchange across membranes or via lungs, mechanical support and power consumption and will expand up to those limits) and deep learning, in which metrics such as training loss usually scale smoothly according to power laws, due to the fundamental apiostructure of reality.
It's already far too late.