We have seen the progression of the original 'Club' to be (sometimes) better than First used to be. Also, there has been a drive for biz people NOT to use F as it looks bad on the expenses report. As Concorde also became.
After some time, VS came along with their J giving F service at J prices.
After some time we saw the arrival of Premium Economy replace J and provide for those private who want a bit more but cannot afford J and those who can no longer afford J (or the expenses problem again).
It seems to me that Y has had the biggest squeeze, although the actual seats ARE certainly better than 30 years ago. And the IFE is several orders of magnitude from the 8mm film on the front wall and using earphgones that were plastic tubes running from two mini-speakers in the arm rest!!!
I see that NZ have made big efforts in their Y and PE and I expect others to follow. Thus the whole cycle will continue and if F disappears, it's really only in name - a very similar level of service and space will be there and, by modern standards I suggest, comparable.