I think the future of gaming is to get rid of mechanics that computers are good at. Aimbots in an FPS are a common cheat, and they are pretty much undetectable with video analysis + a modded usb mouse providing the inputs. What I take away from that is that the next generation of first-person-kill-the-enemy games will simply rely less on aim and more on tactics and strategy; "press E to apply this debuff to this enemy" instead of "click the enemy's head to kill them". Overwatch is a good example of this style of game; you can be a top 10 player with garbage aim. (Aim is still a mechanic and people do cheat, of course.)

Wall hacks are another common hack; getting information that the game client has but that you aren't supposed to know. I think games will have to evolve to being "perfect information", just let all players see behind walls.

All in all, I don't see cheating as ruining gaming as a whole. Game designers will design games that are more difficult to cheat at, and hopefully there will be less cheaters ruining your matches. I would definitely play the can-see-behind-walls-and-aim-doesn't-matter FPS!