It depends on what kind of updates (and how big) we are talking about. Technically, it did receive a number of small but pretty meaningful updates last year in Mojave – the ability to put pretty much any custom action or chain of actions as a shortcut onto it (as long as it can be packed into an Automator script) is pretty useful for example, as are the new screenshot tools and the like, and the other stuff Mojave added. If these count as updates in your book then I wouldn‘t be surprised if 10.15 this year continues this trend.
On the hardware-side of things, I‘d say the next big update for it is due to the 2020 redesign, probably not earlier. Or the removal of it, as some people here like to claim, though personally I doubt that and I think those who choose to believe that are setting themselves up for disappointment. If Apple gives it the Digital Crown-treatment of adding proper haptic feedback to it and adds some more of the BetterTouchTool customizability to it, that would go a long way of making it more useful.