We know (and Fender knows) that "heritage" and "nostalgia" are worth a lot in the guitar market.
Most players don't know or care about the specific evolution of brands beyond the basic fact that Leo Fender created some of the most iconic designs in history and he is the reason "Fender" appears on the headstock of their guitar. 99% of players couldn't tell you who actually "owns" the Fender brand at a given moment. It's more about what that logo and those designs represent in our minds. A "Strat" is a social symbol as much as anything!
It's a shame that G&L is technically gone, but it's possible that Fender really leans into the "Leo Fender" link to enhance their core branding. I wouldn't be surprised to see uber-premium models with "Leo Fender" on the headstock, rather than the standard Fender logo, which has been heavily diluted with budget models.
I also wouldn't be surprised to see "G&L by Fender" or "G&L by Leo Fender" labeling start to appear on products that deviate from the classic designs of Fender's core lineup. Maybe products that would have previously been part of the "Modshop", "Paranormal", "Alternate Universe" type lines, as well as rehashes of proper G&L models, like the Rampage.
Either way, I don't think G&L is "gone forever". It just won't be the same as what most of us knew it to be up to that point. But brands like Jackson and Charvel still exist thanks (or not) to Fender, so there's hope...