Yeah I don't see it replacing anything in the future. It will just exist in some form, until it doesn't. I don't think there will be a major breakthrough. There's more money in selling overpriced licenses to a game than having everyone pay a monthly subscription to get access to everything. Microsoft's Game Pass is a great example of how even that idea has failed to be profitable. They've had to rip that idea up into pieces and change it so massively that it now even has different tiers to it.
Nothing can replace game ownership and hardware.