I think there are some basic technologies that don't need to be reinvented, like the wheel, but others could still be re-examined, at least. I think of the incandescent light bulb. It was certainly a major improvement over candles or gas lamps, but 100+ years later, it's viewed as inefficient. Too much of its energy is transmitted as heat, not light. Reinventing the light bulb wouldn't be such a bad idea.
Simple machines like wheels and levers and drills are never going to fall out of favor, but that doesn't mean future inventors won't find ways to make them work better. The wheel was a great invention, but so was the greased axle.