Hydropower, PV, wind, etc. do not convert heat to electricity and thus do not suffer these losses. They are also mechanically simpler and cheaper to build, and because of this, are the fastest-growing energy sources.
As a result, it is unlikely we will have a new heat to electricity scheme because it is unlikely most electricity will come from heat in the future. There's simply no incentive to develop it. It is one of the many reasons it is extremely unlikely fusion will ever be economically useful en mass.
I should point out that this is not a theoretical claim, there are real-world examples. One that you see every so often is using supercritical gasses, normally CO2, as a transfer fluid instead of steam. There is an active CO2 development effort underway in the US now. But after 50 years of development, the largest testbed is still one that fits on a table. But we are assured they'll be in use any day now.
Those processes that are not ultimately electrical - chemical process heat, heating your home, etc. - are already extremely efficient and will likely remain in use for some time.