@Max - Of course. AR however is essentially powered by the same data. It's really just a platform for managing the bridge between the real world and the physical world. Since there's no real "AR Hub" (yet), the AR would go away as soon as the infrastructure (Internet, Carriers, databases) were no longer available.
I do think there's some possibility in the future for scalable Computer Vision libraries and architecture. Imagine something along the lines of a cloud system where you could store thousands of images, virtual content and other associated content that would automatically tie in to your experience, whatever it was.
If that happens, then yes, that would be a very sore loss for people and companies involved if it were to go away.