...the mavic would maintain this altitude, however, I could see that it was slowly getting closer to the ground.
At what point would it have stopped descending, or would it have just grounded. ??
Your Mavic Pro have the "Terrain Follow Mode" ... that will give you a possibility to dial in a VPS height & then the Mavic will keep that height from the ground beneath. This function works going up hill only ... not down hill.
Check out this mode further here for instance:
Without using this mode your Mavic Pro will likely crash into the ground if the ground rises ... all depending on how fast you're flying & how fast the ground rises.
In my early days, testing out Active track with my
Mavic Air 1 I was lucky ... was filming me & my wife hiking up a gravel road in Active track. Started out on 2,7m height & we started to walk. The road was first slightly going down hill ... then up hill.
The Mavic Air nicely followed down hill & kept us framed equally ... but then the road started to go up & the the height to ground beneath the drone got smaller & smaller. Eventually the drone stopped suddenly.
Here you have the short walk in 3 cuts ... note the initial framing in the first cut, then a bit lower camera angle in the second ... & in the third cut the drone stops just 0,6m from ground & refuses to continue.
Looking into the log just there when the drone stopped doesn't immediately reveal why it stopped ... the log says according to the black graph that it's near ground ... the red barometric height was constant (negative as it followed down hill initially). The blue ultrasonic height was reporting that the drone was going closer & closer to ground.
At approx 145sec the forward obstacle sensors, the green graph, reported something closer than 2m in front of the drone. And at 163sec the drone stops & the heading speed goes to zero according to the dark green graph.
One reason for that the drone stopped can be that the front OD sensors sensed the ground ... this as it sees in a cone shaped area forward ... like below.

... or it could have been the bottom sensors that reached the auto landing height of 0,5m that made it stop ... but I doubt it as the log reports 0,61m as the closest distance to ground.
What happened me during that slow walk most probably hadn't saved my drone if the speed had been faster ... have seen numerous clips on YT where the drone crashes into the ground when it's following somebody that is mountain biking along a trail.