The way I see it was PHP captured the vector of change, and left ample room for future developments. Both internal changes (hello, bytecode; hello, JIT), language level features (hi there, namespaces), and runtime level features (oh hai, countless built in classes and functions).
Moreover, unlike many framework that shone brightly and burned out quickly (Rails?), PHP captured the essence of the environment: HTTP is stateless, and URLs aren't uniformly routable from either end, and well-formed HTML/XML/JSON is just a subset of tag soup.
Worse is better.