If mojang abandons the "java version" it will most certainly fall into other hands (which can be its own can of worms either way).
I was certainly not convinced by a certain screed that brought me here, but both sides have strong cases. If they must absolutely have the mobile / console versions above the "java version" I would hope they keep it around for people to play and take the authentication servers out of the equation, handling player names, skins, and what not in a different way. Whether or not they update it after this point is entirely their case.
Let's be honest. I never expected an official update to have more than vanity additions or nerfs anyway. I think the best thing we got recently was the observer which has been kind of useful alongside certain mods. Second fo llamas of course.