There might be clever ways to make a particular circuit dual purpose or something (Storage element that can do math on itself? A math pipeline that doesn't need pipeline flops?)
But arbitrary reprogrammability is already here. It's called an FPGA, and it sees only niche use, not in the least because developing a bitstream to program it with is a huge chunk of work. So the days of a chip that constantly morphs like a chameleon to unrecognizable new forms is probably a long way in the future.
I like to remind myself the industry is called VLSI- very large scale integration. In other words, the job is not about transistors. More than anything else, it's about managing the complexity of billions of transistors. Digital CMOS is a great example; transistors can already do so much more than CMOS, but it's a massively simplifying design scheme.