Bethesda isn't giving up on Fallout 76 and shares some tentative plans for 2021's updates.

Fallout 76's radical transformation will continue slowly manifesting throughout 2021. Bethesda recently outlined a new 2021 roadmap for Fallout 76, but none of the content is so ambitious and transformative as the Wastelanders update (this was basically Fallout 76's A Realm Reborn or The Taken King moment).
So far Bethesda seems keen on focusing most on seasonal updates and rotating specific community challenge events in and out. The seasonal structure basically transforms Fallout 76 with Fortnite-esque monetization. Fallout 76 now has free seasonal battle passes that rotate out after so many weeks. Gamers can pay money to skip levels and unlock tiers after a certain period.
This seems to be the main path going forward. The 2021 roadmap is by no means complete, but lacks the kind of substance that 2020 had with Wastelanders and the latest Steel Dawn updates. There's mainly bonus XP/materials weekends, sales on cosmetics, new seasons, and QOL updates.
Right now Fallout 76 is in Season 3 of its battle pass scheme, The Scribe of Avalon.
Season 4 will begin in March 2021.
