You are not seeing the end of vaping, but BT is "winning" by moving into the vape arena. This is not surprising, they control most of the world's tobacco supply, and that's still the easiest way to get naturally grown (as opposed to chemically synthesized) nicotine. I guess it depends on how you define winning, doesn't it? No, BT isn't going to dry up and blow away (or light themselves on fire and burn up, perhaps a more fitting metaphor). But they are selling fewer cigarettes and more vape juice. Isn't that a victory for vapers too?
Neither should you overly concern yourself with the FDA. Foreign suppliers, DIY and smuggling all still exist.