I would liken it to something like filmmaking. It's certainly easier for a studio to do a sequel or a remake of an existing intellectual property, and we see that time and time again. But the property in question was once original. That alone stands as proof that original properties can succeed in the marketplace. The problem, of course, is that it's easier for corporations to focus on the tried and true. Cautious business is often smart business.
I suspect a brave and innovative force will come out with something. In my opinion, it's inevitable. Again, it's not easy. All of the ingredients have to line up properly, along with a marketing campaign that gets through to the modern audience, which is to say more raw, more guerilla and less sanitary.
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My point about Warlocks was one about flavor. It's an element of flavor that DnD lacks. The classes are too homogenized, so to speak, and by that I mean there's room for improvement. For a different example, take the Valour Bard. Compare it to the Swords Bard if you're playing a human or half-elf. It's lackluster.
I bring these small examples up to showcase that the system is imperfect, and thus subject to competition.
Personally, I enjoy the DnD mechanic of BG3, but I can imagine numerous changes I'd like to see.
This is probably why Cyberpunk 2077 has the more immersive, deeper and accessible world as it is a known property that has been around for 32 years and is based on a significant and trackable literary tradition.
Same with D&D
Sadly the only other property that has this kind of developed IP that interests me is owned by Paradox Games - World of Darkness - and they look like they are headed for a complete flop with the changes to Bloodlines 2 coming out next year, but I guess we will see.
