It would still be possible to use the hardware wallet with a different software wallet (ex. Electrum). As long as you have the mnemonic backup, you can import the private keys to any compatible wallet.
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I would prefer to fork the server software and continue to use Trezor device (assuming it is open source). I think it's proprietary, but if they go out of business with nobody coming in to take over, they should open source it so that one can run their own node to connect to the bitcoin (and other) blockchains.
it is opensource - you can read directly on thier site :
https://doc.satoshilabs.com/trezor-faq/threats.html#what-happens-if-the-satoshilabs-shuts-down