I don't really think they've blown PF out of the water. The two systems offer two different ways to experience adventures. 5e is significantly lower on options for character creation (although expected given PF's longer run), but seems to work those options into a looser framework for actual play.
PF simulates reality and fantasy reality better, so if high simulation is a desired quality, PF beats 5e there. PF also offers a ton of options in the form of hybrid classes, some very steampunk choices and even some very complicated concepts like the vigilante and occult classes, that require a massive amount of system mastery to function. Adventure-wise, nothing 5e has put out comes close to touching PF, even the good ones. Setting-wise, nothing 5e has put out comes close to touching Golarian. And monster-wise, PF has an enormous amount of foes to choose from, far surpassing the single Monster Manual's offerings. Finally, you can't buy legal pdfs of the 5e books, and the 5e SRD still holds some material back from the players, keeping it from being conveniently accessed online. PF has from its inception, provided full online support for all of their core rules, and allows even the non-core rules to be posted up as part of the OGL.
I really enjoy playing/running both. Latter additions to the PF ruleset have given me fatigue (I didn't want or need 3 new fear based conditions), but I ran a campaign for 5-6 years off of PF. 5e has been fun, but I don't see it blowing PF out of the water.