Probably won't happen that quickly with phones.
People don't really need that much data transfer speed with their phones, and we already have the technology to push 80 Gb/s via USB-C. Apple has gotten by by selling sub-0.5 Gb/s for a decade. And I'd expect us to hit a couple more speed records still before we actually outgrow the physical USB-C connector.
We're also pushing up to 240 watts through the USB-C connector, so the charging side (the one that people care much more about) also seems fine for the USB-C connector.