It is definitely possible, just like any technological advancement. For example, better ASIC manufacturing processes, better energy generators, etc. When will it happen, and whether it is costly or not, should be the next question.
Better ASICs means lower cost per mined coin, increased profitability for the miners, and buying of more ASICs.
It's like switching from S9 to S19, 3 times more efficient but we had the equivalent of 2 million at 1300W of the former at the end of 2017 and now 3 million of the latter at 3000W.
Only if the price would drop significantly over a longer period of time, people would start shutting down their ASIC's and the power consumption would decrease (at least, that's what i guess will happen).
Yeah, that is only one way to cut energy costs without changing to some crappy algorithm, and it comes with the same problem, security, miners will consume less energy if the revenue is smaller, so a drop in price will for sure kill a lot of electricity consumption, but it will also degrade the security of the whole chain.