Do honing steels wear out?
They are either made of surface hardened steel, which can't be realistically sharpened, or bonded with tungsten or diamond grit, again which can't be realistically replaced

Most steels just need a good clean; soak the steel in warm soapy water for a while, and then give it an aggressive scrub with a nylon bristle brush. Dry thoroughly

If it still does not hone well, then maybe it's time to buy a new one?

I am using a full size silver handled surface hardened steel that is 70+ years old and still works fine. It looks quite beaten up, has had surface rust, but always brings a knife back to life



I have a short portable diamond grit steel for camping that is less than 5 years old, and is nearly useless already



There doesn't seem to be consensus on what exactly a honing steel does to a knifes edge. But to me it's a very fine file, so it will wear out over time. Considering the normal usage in a domestic situation that could be a very long time