Short answer: No, it will not be retired.
Long answer: Regardless of any similarity in requirements, there always remains the obvious difference between who can earn a merit badge and a not-a-merit badge, i.e., awards or achievements... E.g., Scuba BSA, Mile Swim, Interpreter Strip, etc. You, me, even my daughter, can earn the latter.
For some reason though, this question has surfaced
quite often since National announced there would be a Scuba MB.