IPv4 has lasted this long due to recycling, sharing and smart allocation of addresses (DHCP): devices do not keep IPs forever, IPs are reused when devices disconnect. Which means the same address can serve many users over time. Furthermore, private IP addresses reduce demand for public addresses and CIDR and subnetting improved efficient and allocation.
IPv4 is not sustainable due to limited address space and too much complexity: it uses 32-bit addresses, about 4.3 billion addresses in total, that is not enough for today’s world with billions of new devices (phones and smart devices). Therefore, sharing IPs is not enough anymore. Heavy reliance on NAT increases complexity and breaks end-to-end connectivity.