Prefacing this question with the fact I'm an Android user and have never owned an iPhone. Saying this in the hopes people won't think I'm an Apple fanboi trying to make a point...
I haven't been that interested in the EU legislation around this until now; I'm curious what happens when something comes out that is better than USB-C? Are companies stuck until new legislation is passed or is there some sort of auto update to the standard written in?
It is expected that the industry will continue the work already carried out on the standardised interface under the auspices of the USB Implementers Forum (USB-IF) with a view to developing new interoperable, open and uncontroversial solutions.
Kinda how the web industry comes together in the W3C to set standards for the web, so websites work the same on all devices and browsers and there's been LOTS of improvements.
It's kinda been agreed that it's the best connector right now, with a lot of future-proofing built in (you can already see it f.e. with Thunderbolt, the same cable, massively different capabilities over ther years OR, from the power distribution side, it going all the way up to 200(ish?) watts lately