I think if you're keeping yourself in the mindset that only another game that's just like your favorite "but better" would be the only thing that would dethrone it, you're definitely making it impossible to happen. Nothing's gonna replicate that one specific feeling you had as a kid or a teenager with a game that was doing one very specific thing that you experienced under very specific circumstances in your life.
I've changed my favorite from Final Fantasy Tactics to Metal Gear Solid 2 to Resident Evil 4 to The Last of Us. Only the last two have similarities to how they play, and the things I love about RE4 are way different from the things I love about TLOU.
I also think it's such a cynical view on the art form that is very much at its infancy relative to every other major medium. When I read people posting about how this one game from the 90's/early 00's that they played as a kid is the pinnacle of its genre and never going to be topped, it sounds to me like a person in the 1920's who just saw their first "talkie" say "nothing's gonna be better than this".
I understand that what someone's "favorite" is is purely subjective, and personal feelings are deeply tied into how that opinion is formed, and no manner of filtering it through a grander perspective should be the determining factor into changing one's mind about what they love the most.
Still though, that second question makes me put everything else regarding video games and their growth as a medium into consideration. I'm just 28 years old, and even though I've been playing games since I was 8, I'd like to think we haven't seen nothing yet with what games can truly do. I see myself still playing games when I'm 58, and I can't even imagine what they'll look like then.
It would be fucking tragic if The Last of Us would still be my favorite game then.
But hey maybe some people here don't see themselves playing games past 40!