I like and use PHP, and you absolutely can create serverless solutions with PHP, but you may be confusing "serverless" with "stateless". PHP itself is in no way intrinsically more "serverless" than other options.
Nobody is reinventing PHP.
The real pain point in any auto-scaling/cloud/serverless application is and will probably always be the stateful bits. I think the first cloud provider to really figure out this killer bit will be the ultimate winner of the cloud wars. It will probably look something like Amazon's "Aurora Serverless" but be even more frictionless.
People talk about this a lot. I wonder, for what percentage of systems, this kind of scalability is really a requirement. I also wonder what percentage of devs work on these kind of systems.