The element is not necessarily going out, but over time, because the element gets exposed to water and such from the drip pans, it will begin to corrode some. I had an element "die" quickly (within 6 months) and it would always trip the breaker the second I plugged it in because it was drawing too much from the circuit. With the replacement element, I removed it, cleaned it with a wire brush after using, and stored it in a dry place. Storage in sheds or other areas that are not sealed from moisture will cause this corrosion as well. Try cleaning it. Additionally, I started using a cheap 9x13 cooking pan to put the wood/wood chips in so as the wet chips were not in direct contact with the element. This reduced the corrosion factor as well. 2nd element I had has lasted a year and a half. I'm not sure they will last beyond that anyway no matter how much cleaning you try. The constant heating/cooling of the element from normal use will eventually cause the metal to lose its ability to conduct the electricity to produce the "heat", especially at that wattage. (electric stoves use a slightly different, less malleable metal, so it retains its conductivity longer.
Replacing the element is about $30 and if you take the steps mentioned above, about every 2 years you can drop another $30 to replace it again. Some might think replacing the smoker to a wood or charcoal is better, but if you have invested in "seasoning" your smoker, you can never replace the flavor and it will take some time to season a new one.