Why does it take so long to develop a passenger aircraft?
It's similar with military aircraft. In a mature field it becomes ever harder to create something that is clearly better than what we have already.

Since every new development costs so much, the consequences of failure are immense. Therefore, management will try to lower the risk of failure which again drives up development cost and time. It is a self-reinforcing spiral.

Add to that the fact that we now have only two major civil aircraft producers which both are heavily backed by their respective governments and are too big to fail. This creates political interference which makes major decisions even more complex and precludes bold, risky decisions. Only the most safe* option will be chosen after years and years of deliberations.

And I refuse to believe that we don't know enough yet in aerodynamics or materials science. When a wing test lets the wing break at a load factor of 1.54 (where 1.5 is the goal) on the first try, we are pretty good already. Same for performance: New models hit their predicted fuel consumption within 2%! And regarding the many subsystems: COTS. Of course, if you insist on re-inventing the wheel all over again for a new airliner, then those 10 years are acceptable.

* "Safe" meaning the one promising the highest bonus to management for the time they hold their position, and with their current state of incomplete knowledge. Sadly, the ethos of companies like Newport News Shipbuilding, whose motto was: 'We will build good ships here — at a profit if we can, at a loss if we must, but always good ships.' has been lost to the Harvard MBA culture with its focus on short-term results.