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Is this not just a perspective issue? The fields we learn about in school are the ones that are in some sense mature, that have been cashed.

When I was in grad school, we learned about wavelets, but we did research on convex optimization for statistics. The first was an accomplishment of the last generation of mathematicians, and it would be hard to publish something groundbreaking. But nobody had really considered sparsity inducing optimization, so that was our problem.

In many ways, the situation is somewhat better for applied mathematicians because the problem space is wider. Ingrid Daubechies was an applied mathematician, and her work on wavelets was an outgrowth of work that originated in the petroleum exploration community. Wild how these connections get made.