It's not going to happen this decade, forget about it.
Bitcoin is organic, adaptive. Like a virus. You don't need another adaptive form of money when you already have one.
There is one weakness you have overlooked.
But you have come very close to it with your answer!
Indeed Bitcoin is a virus, offering symbiotic returns to its hosts as it gobbles up hash operations.
If miners can be encouraged to run SHA256 for something more profitable than Bitcoin then bitcoin will die quickly, it's a winner takes all game.
I dunno, ohhh.. lets say a government backed and regulated coin.
Of course there would be die-hard miners thinking "if bticoin goes down I go down with her" but I'll bet there would be many who behind closed doors just couldn't resist the higher return they get by joining the "worldcoin" pool.
In a nutshell, there is a chance that bitcoin will get replaced.
To say otherwise is an ignorance of game theory in which it is VERY difficult to engineer certainty.
Governments tend to be very good at game theory (it's what they do).