Matchlocks lasted for what -- 200 years? -- before wheel locks came around (though they remained in service until the 18th century in Europe; 19th century in Asia). Then wheellocks lasted another hundred, then someone invented the snaphance and then eventually the flintlock. That lasted another 200 or so years, maybe a little longer, until someone invented the cartridge and it caught on, eventually allowing for better repeaters.
Your timeline leaves out the invention that made metallic cartridges possible, the invention of the percussion cap around 1830 made flintlocks obsolete almost overnight and made it possible to have wars in the rain.
One of the limits to high velocity is the weight of the gunpowder. The powder not only has to accelerate the bullet but also the gases behind the bullet and that gas weighs exactly as much as the powder that generated it.
With black powder loads, you can get velocities of about 2500 fps before the powder charge starts to outweigh the bullet. Add more powder and the powder does more work accelerating its own gases than it delivers to the bullet and this makes it hard to go past this speed.
With smokeless powder, the powder starts outweighing the bullet at around 4000 fps. Velocities higher than that means out of proportion pressure increases and rapid throat erosion.
If there is a breakthrough, it will involve a powder that generates gases lighter than a mixture of CO2, H2O, and N2. The ideal gunpowder would turn into hydrogen gas when it burned.
Indeed, NASA did use hydrogen to propel projectiles at speeds up to 30,000 fps in their meteorite impact simulating gun. The hydrogen gas was compressed by a piston propelled by an explosive charge and the gun fired into a target chamber that was completely evacuated of air. At this velocity, air in the barrel acts as a barrel obstruction.