Power Creep, as defined by Wiktionary is
[b]”The situation where successive updates or expansions to a game introduce more powerful units or abilities, leaving the older ones underpowered.”[/b]
This applies not only to new abilities, units, weapons, etc, but also older stuff that is updated and brought up to par. You could consider something old being updated as something new.
It’s not just a term coined by the Destiny community, or gaming in general, but also applies to shows and movies, where the protagonist consistently gets more and more powerful where there is no longer a challenge outside of the final boss.