There's room enough to grow, with the current tech we could overtake Ethereum.
Some may laugh when I say that but comparing the progress of both projects, it's not a question "if" but "when" we will reach that.
To really overtake Ethereum is a long way to go. Ethereum, as the first project that introduced smart contracts, profited very much from the ICO hype we had in Q3/4 of 2017. Basically all the ICOs back then were on the Ethereum blockchain. For Waves to have a similiar success we need more projects that use the Waves platform for their tokens.