1. The A380 can be upgraded and can be made more fuel efficient. But this is an investment Airbus would have to made.
2. The hub model is not dead. There are major hubs that are dying (Singapore and Hongkong), there are current major hubs UAE, Moscow (Asia<>EU), Istanbul and there are coming major hubs (Addis Abbeba (EU, Asia <>Afica), potentially Tehran (geostrategic location, cheap oil, huge inner market, if they open up). At least if I look at it from China.
Especially from huge markets with price sensitive customers like India and China, I predict that the A380 could have a future. I think the Airbus CEO once said "This plane come 10 years too early".