If you think of UL backpacking purely in terms of weight savings, then most of the big improvements have already been made. You can't shave another 5lbs off your pack if you're already switched from a 6 lbs pack to a 1 lbs one. If you think in terms of just weight savings then the future of UL is dimishing returns and gradual refinement that leads to better products but not very many radical new ones.
However, I think the idea behind UL backpacking applies to more than just weight. The real goal behind all of this is to make outdoor recreation more enjoyable. Shaving off pounds has certainly done this and there are other ways you can also achieve this.
In addition to a low pack weight, other things that can make hiking more enjoyable are better nutrition, better tasting foods, higher performing footwear, using solor energy for electronics and maybe cooking, better fabrics that are more comfortable etc.
Another avenue UL hiking could go down is the shift to relying on the wild for food. We already rely on the hiking area for water and it's possible we'd see a shift to decrease our food reliance on packed in foods, and move it towards harvested ones. Fishing is an obvious one, but there is so much more. Edible plants is a huge topic and one that most backpackers don't even start to explore. Making your own tea in the wilderness (labrador tea), finding mushrooms to eat (dangerous), eating plants etc has huge potential for weight savings. With UL and SUL kits, the majority of your weight can be food.
The challenge with this though is keeping it sustainable.