Will ETH ever surpass BTC's market cap? I personally do not think so.
However, it is undeniably more useful compared to bitcoin in the sense that it supports smart contracts and whatnot, but that doesn't necessarily mean that it is a better currency per se.
Bitcoin is still the premier reserve currency in the crypto industry, and not a lot can be done to change that due to its first mover advantage.
Ethereum is not competing Bitcoin. Both two different things on the same technology. BTC maximalists or profit hunters not concerned with the lack of the market cap or how much great the technology either. what happened to ETH 2.0? Individuals like to imagine they're more intelligent than the rest, and this irrational activity won't stop at any point in the near future.