Chip surface area is a poor metric for measuring IP content. The trend of IP blocks -- both licensed and internally developed -- comprising an ever increasing percentage of SoC content is undeniable. But at the same time, every SoC needs its differentiation, so there will always be some amount of new design.
I wonder if anyone has ever taped out an SoC that was comprised entirely of licensed IP blocks? If so, I wonder about the P&L analysis and whether it had any commercial success.