I think the IP is still going relatively strong.
A new movie is set to release in 2023 (Rise of the Beasts). I still see people line up to take pictures with Megatron and Optimus.
It's a nice IP that appeals to teens and families. I still think upgrading the attraction is the right way to go. Being that SNW is opening soon, and his ride sometimes builds decent lines, it could be a way to that comes to fruition, however.
Depending on how the new Transformers movie does, I think that will mostly influence the fate of TF. If the movie does well, I could see Universal doing an upgrade on this attraction. It probably won't be Jurassic World quality but retheming it to put more classic TF lore, cyber-tron, etc, would breathe some new life into it.
They could easily get another 10 years out of this attraction if they were to go the JW route and improve the mechanics of the ride, add animatronics, more effects, etc.
When people see Transformers, you get that idea that it's going to action-packed. Improving the technology is definitely the way to go.