As long as we have young people who appreciate it, it will live on. Unfortunately, the emotional connection may not carry over as strongly into the youth of the new generations.
Now, I believe that classic sounds will always live on as a reference (for anything not just chip sounds). For example: the iPhone makes a shutter sound and has no physical analog camera. The checkout on amazon is a shopping cart. To call someone, your cell phone has an old timey wall-phone icon. Why is this? These are all "skeumorphs" and while they have no significance whatsoever and technology has passed them, they still linger because of their place they carved into culture. Chipmusic will forever be that way. Modern video game scores (or at least a lot) still have that Namco 163 sound and it's no surprise why because of the association that was created in it's formative period. It's irreplaceable, but really only from a social standpoint.
From the standpoint of chip music as a scene, it may die out, but I have hope While I find that the limits of working with hardware are quite exciting and challenging as a musician. It may not simply die out with those who experienced it firsthand. You find people all over the Internet that are 50s-philes and 60s-philes buying record players and wearing cat-eye glasses even though they had no firsthand connection to the era. I'm already finding 90s ones crop up all over the place. The only difference is that the 50s-60s folk are a bit more removed.
I grew up playing n64. Never had a console with a "classic chip-music" sound card in it, but the 8-bit (or however little bits) sound was extraordinary. I think the draw is immense compared to a lot of other archaic ways of making music.
But yeah to sum it up i have hope.
