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Setting aside the absolute negligence of not doing due diligence about a TLD before squatting it for your purposes, I don’t see any reason why this couldn’t happen to ENS at some future date.
.eth can only be used by ENS because it’s not one of the TLDs that currently exists. It could totally become one one day and not for Ethereum.
Everyone would still own their token in the ENS contract but there would be a clash with the new “real” .eth TLD in traditional DNS.
The community would presumably have to migrate to a different nonexistent TLD for denoting ENS links.
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