Oftentimes source code is licensed as "GPL version N or later". But what stops some company from taking their EULA, publishing it as GPL version 4 and happily using whatever code they want to use in a way they want to use?
The Gnu General Public License text specifically refers to versions published by the Free Software Foundation when availing yourself of the “or any later version” option:
If the Program specifies that a certain numbered version of the GNU General Public License “or any later version” applies to it, you have the option of following the terms and conditions either of that numbered version or of any later version published by the Free Software Foundation. If the Program does not specify a version number of the GNU General Public License, you may choose any version ever published by the Free Software Foundation.
Therefore, only the Free Software Foundation can do as you describe.