I guess it's a bit dependant on how you define Steampunk, but the first contact I had with the style was Wild Wild West, a movie that I think had (and has) quite negative reviews, but 14 year old me went 3 times to the cinema to see it and must have watched the DVD at least 40 times.
There's no magic in that movie (there IS disregard of physical laws, though

), the Steampunk instead is just Bond Villain building his giant steam attack spider with the tech that is available at the time, so stagnation is not really the issue, it's rather, just like a Bond movie, stretching the tech of the time (1870's I think?).