The answer in a vacuum is obviously that we should. The purported benefits of Brexit were always nonsense, and the years since we left have categorically shown that they were unachievable. As much as people wanted to rely on notions of sovereignty and control to justify such an egregious act of self harm, the reality is that to function in the modern world and trade with other countries there always has to be an element of compromise if you want to strengthen trade. Whilst it would, in theory, have been possible to draw some limited benefit from the post Brexit landscape, we never had the quality of politicians or debate to make that outcome realistic, and in any event those benefits would not have compensated for the damage caused by severing ties to our closest trading partner. The best compromise was always the one we already had with the EU, from just about every angle.
However, as much as rejoining the EU would be the right thing to do in theory, there are legitimate concerns around the effects of that and how practically it would be achievable, from both our side and the EU's side. From our side, very careful thought would have to be given about the mechanism by which it is achieved. The fact that the decision to leave was taken by referendum is highly relevant. You cannot simply ignore that even with the outcome of it having been so detrimental. To my mind the only two ways that it can happen is either by way of a second referendum or a political party campaigning on it and winning an election. Frankly, you'd probably need to campaign on the second referendum and win as well. That's obviously out of the question for the remainder of this term, and it would be a significant risk for Labour to campaign on it at the next election. The Liberal Democrats will, but even if they subsequently get into government through a coalition with Labour (one of many possible outcomes at this point given the uncertain political landscape), it would be a big step for the coalition to adopt that as policy. So politically and practically it's very difficult to see the route for us to actually do it.
The issues from the EU's perspective are simply that they need to be very careful politically with the notion of one member leaving and then deciding to come back when it's all gone wrong. That exodus of countries from the EU that the Brexiteers predicted obviously hasn't happened, nor has the demise of the EU generally, but as much as the EU could certainly justify letting the UK back in because it's in everyone's benefit, so there are some tricky elements to that which need to be negotiated. I suspect it would happen if we decided that we did want to rejoin, but it wouldn't be straightforward.
Can I see it happening anytime soon? No. But I sincerely hope that it does in my lifetime. It would frankly be an absolute tragedy if it didn't.