Vega was always good enough. Intel still doesn't have an iGPU that comes close on the desktop side, and although it's competitive in mobile, that's quite recent and Vega is still in the race there in a reasonable manner.
On the CPU side, on the other hand, AMD was behind and it's only with Cezanne that it's ahead on both single-threaded and multitreaded.
So it made sense for AMD to stick with a tried and true design for the GPU and only update the CPU.
Still, next gen is expected to be RDNA 2.