If music evolves over time, like natural selection, certain types of music will become distinct from others.
In life, there are species which become very specialised and need very exact conditions to survive. When conditions do change, it is the species with the less specialised requirements that adapt and survive.
I do not think that bluegrass, with its strong identity and limited intstrumentation will not be a successful species, but a very interesting Dodo.
As for the Oylimpics, just watch out for the Chinese Bluegrass Team.