I think a really exciting innovation would be to adapt the technology being developed for environmental carbon capture to replace the rebreather's chemical CO2 scrubber. Eliminate the consumable, no sorb to deplete, no sorb to monitor, no more caustic cocktail risk, nothing to service between dives...
Absolutely vast money is being spent on carbon capture R&D, and AFAIK the most promising technologies involve novel micromembranes. A lot of this focuses on capture of CO2 from flue gases, but free-air capture is also a big deal. That just is separating CO2 from air. For a rebreather, an added benefit could be that membrane separation of molecules could also separate CO, VOCs, etc. along with the CO2.
Way back in 1990 these guys tested a proof-of-concept using a rubber microcapilliary system in a canister about the size of a sorb canister:
Removal of carbon dioxide from breathing gas mixtures using a hollow fibre permeator.
Is it already almost possible to do it today with modern high-tech membrane technology? Like for example this?
Osmoses