This question came up during an interesting ignore-the-potholes chat with one of my seniors.
In a broad way or so to say a compressed way, evolution through the natural selection has been all about the ability to reproduce and survival. And every evolutionary step or speciation has been more or less associated with an easily observable and distinct change in the sense organ or the perception of senses. Speaking of sense organs, in humans the role of the olfactory sense has degraded a lot, in the sense that it does not help much in reproductive activities (as in lions) or in survival. So is the nose in the threat of being wiped out over time in human evolution?