Summary
- Thor's predetermined destiny as the successor to Odin was relinquished as he ed on the role of king to Valkyrie, who now rules New Asgard.
- Loki's jealousy of Thor's destiny led him to search for his own throne, and in the Loki Season 2 finale, he becomes the all-powerful God of Stories.
- While Thor has proven himself worthy, he chooses not to be a king and instead finds his path, while Loki inherits a throne with even greater power and responsibility, making him his father's successor on a grander scale.
Thor was supposedly the successor to Odin as the leader of Asgard, but the season 2 finale of MCU was to inherit the throne of Asgard after his father, Odin. However, his irresponsible and reckless behavior led to the God of Thunder having to prove himself before taking on such a powerful role. Despite Thor proving himself worthy of the position, he elected to on the role of king to Valkyrie, who now rules over New Asgard on Earth.
Loki was jealous of Thor's destiny and was determined to find his own throne. He attacked Earth with the promise that Thanos would give him the planet to rule, but he was defeated and searched for his purpose elsewhere. The Loki Season 2 finale saw Loki finally realizing his glorious purpose by becoming the God of Stories, an all-powerful being who keeps the timelines alive and under control. While it wasn't Loki's intention, he has followed in his father's footsteps, and inherited a throne with even more power and responsibility.

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Loki's Ending Makes Him Odin's Real MCU Replacement
At the end of Loki, Tom Hiddleston's trickster God is trying to figure out a way to keep the TVA alive while keeping his friends around him. Since the temporal loom is a fail-safe keeping the sacred timeline intact, blowing up the loom is the only way to save the other timelines. Loki ends the seasons physically holding the timelines together, but he is now burdened by a throne and eternal isolation. His friends are free to live whatever lives they want, but it is unclear how Loki's actions will affect each universe moving forward.
Loki's ending was a full-circle moment. He had always envisioned himself as a ruler sitting on a throne, and he finally achieved this glorious purpose but had to commit the ultimate sacrifice. While Loki was considered unworthy to rule by his father, he has now taken the place of his father and is in a more influential role. Odin ruled over the Nine Realms, and the realms would split into chaos if Odin was missing, as explained in Thor: Ragnarok. Loki is now the ruler over countless timelines and billions of lives, making him his father's successor, but on an even grander scale.
Why Thor Was Never Odin's Replacement
Since Odin's banishment in Thor, the God of Thunder has been looking for a way to prove he is capable of ruling Asgard. While he has proven himself worthy of the task, Thor still es up the job when it's finally his. He is still a warrior and a protector of Asgard, but he doesn't consider himself a great leader and has elected to find his own path. As of the end of Thor: Love and Thunder, Thor is a father to Gorr the God Butcher's daughter, a role he may be more suited for than a king. Loki may have gotten there in a roundabout way, but he now makes more sense as a ruler than Thor ever did.