I don't concur. It is akin to suggesting that we can run out of (english language) poetry since there are only 26 letters in the alphabet to construct it out of.
I chose poetry over normal writing since it (usually) requires some structure beyond basic language rules. Otherwise, you'd have to allow any arbitrary sequence of notes to be classed as music which I'm assuming you don't.
You also need to consider that the very definition of what is music varies massively even within the defined constraints of melody, harmony and rhythm. The 12 semitone scale is just one of several. A lot of middle eastern and asian music have quartertone scales which allow for much greater diversity than the one to which we are accustom.
The reason a lot of modern music sound so alike is that it is generally quite formulaic and tailored to suit popular tastes. Trends change. Consider even the basic timing signatures used in music. Most mainstream music uses 4/4 and wouldn't dream of deviating. Yet, if you look at other genres, you find many much more interesting things around.
And people wonder why I like a bit of Richard D James...