What could happen to these lost bitcoins? Will they continue to be lost in "limbo"

When something is lost, it means you can not have access to it again, unless you luckily find what can grant you access to what you have lost. The possibility of losing your Bitcoin is if you no longer have access to your private key and it was an act that was very common years back, probably because Bitcoiners of that time didn't know that Bitcoin will become very appreciative to what it is today.
So, nobody can have access to their lost Bitcoin. Satoshi once said that lost Bitcoin should be considered a donation for the growth of the technology.