College Fuck Fest, I believe, was started by a guy who goes by Evil Chris, the same who runs TripleXCash. Not my favorite guy, had some problems with his self-righeteous attitude over at a different message board, but he is successful and provides a decent service to surfers.
Bangbus came out quite a while before CFF.. perhaps they hired the same designers or something like this? I really don't know.
As to "when is someone going to come out with something new," well, when are YOU going to come out with something new? heh.. not to be a wise ass, but you're relying on others to put forth their effort and creativity. Why would they do that when what they have out now is making them piles of cash? They would be inclined to withhold their new ideas until the old ones start to show signs of drying up.
You see the same pattern in electronics and other fast-moving industries. So, if you want something fresh and new to come out, I think your only options are to either be patient or develop and promote it yourself.
