I’m not Mitchell, but I think I agree with him here enough to guess: He probably means to say that production of new plausible theories has increased, production of experimentally verified theories has stalled, and the latter is not string theory’s fault.
(And of course this whole discussion, including your question, is interpreting “physics” to means “fundamental physics”, since theoretical and empirical work on e.g. condensed matter physics has been doing just fine.)
I think you unfortunately can’t really verify the recent epistemic health of theoretical physics, without knowing much theoretical physics, by tracing theorems back to axioms. This is impossible to do even in math (can I, as a relative layperson, formalize and check the recent Langlands Program breakthrough in LEAN?) and physics is even less based on axioms than math is.
(“Even less” bc even math is not really based on mutually-agreed-upon axioms in a naive sense, cf. Proofs and Refutations or the endless squabbling over foundations.)
Possibly you can’t externally verify the epistemic health of theoretical physics at all, post-70s, given the “out of low hanging empirical fruit” issue and the level of prerequisites needed to remotely begin to learn anything beyond QFT.
Speaking as a (former) theoretical physicist: trust us. We know what we’re talking about ;)