Barrel steel is not a hard steel. The stainless isnt either. The properties of stainless allow it to be a good metal for a rifle Barrel.
As has been already said, the barrel is a wear item. But, the majority of gunowners will never shoot thier rifles enough to cause a barrel to "wear out".
The accuracy potential of a given barrel will be the first thing to degrade. Most shooters dont shoot well enough to notice this change.
One of the biggest culprits to barrel wear is shooting a rifle too many times/too fast. Allowing the bore to get very hot. The bigger-more over bore a rifle
Caliber is, the faster this condition occurrs.
If you are a shooter who shoots 2-3 boxes a year, your rifle will likely last your lifetime.
Improper/over frequent cleaning techniques are also a main cause of degraded barrel life.
Another significant contributer to excessive Barrel wear is the reloader who always loads to max velocity/pressure. If you want more Power/speed, purchase a rifle with a higher performance cartidge. Simple stuff really.
If you are a Shooter who shoots allot(by this I mean many rounds
In a row allowing the Bore To get very hot), cleans after every shooting session (with a poor cleaning regime), your bore life will be cut down Dramatically.
How do I "KNOW" this? Been there done that.
I have been very lucky in the years past. I met a gentleman who taught me how to make rifle barrels. So I have been uniquely privilaged to replace/build a bunch of barrels that I had abused.
I have resently (5 Years or so), stopped cleaning the bores of a few long range Tactical rifles that I shoot. To see how many rounds it takes To see A Degradation of Accuracy. I have fired more than 300 rounds From one 300win mag since the last cleaning. It still shoots around 1/2 MOA out to 800-1000 yards (normally). And around MOA out past that to 1760yds (1 mile).
Given time, I will see how this barrel holds up.