Exactly. TTL and CMOS gates don't incur much charge from the supply, so about 10nF/chip is all that's needed. Maybe a bit more on bus drivers.
Another way to look at it: by routing VCC from chip to chip (say on a 2-layer board), with caps nearby, you create a loaded transmission line structure. If the average distance between caps is say 5cm, the stray inductance between nodes is on the order of 20-50nH. With C = 10nF, this gives an average PDN (power distribution network) impedance of sqrt(50nH/10nF) ~= 2.3 ohms. Which means a typical shoot-through spike of ~100mA can only develop a peak voltage drop of ~230mV, no problem out of a total 5V supply.
Lower frequencies (below 1 / (2 pi sqrt(50nH 10nF)) ~= 7MHz) are sourced through the supply wires, or less frequently placed bulk caps (which should be chosen to have comparable ESR -- 2 ohms is about typical of a 10uF electrolytic).
As you can see, rather than taking a default as given, if we ask, "okay, how much do we really need?", we also see where we can lighten up even further -- for example, CD4000 logic is even slower, lower in current consumption and higher in supply voltage, so could easily succeed without bypass caps at all, maybe just one bulk cap on a board(!). Or if we're using 74AC or 74LVC logic or such (much higher peak currents, much faster), we should keep the distance between IC and cap very short, and consider using a larger cap, or placing them more often. Or if we have a much more demanding load (like an FPGA or CPU core drawing load steps of some amperes, with a voltage tolerance under 100mV), we instantly know where to beef things up instead.
Tim