I kinda think it isn't really dead it's just not as popular as it used to be, and I kinda think one of the things that are making it slightly decline in popularity is the lack of breakthroughs or changes in the way the game is played.
Take shooters for example: in the beginning there was paper thin enemies and hip-shooting, things were good but could be better, then there was multi-player and people lost their minds over that. For a while it was just deathmatch but then came capture the flag and with it came new elements: new ways to play. But why stop there then came objective based modes (Attack/Defend, Find the Object, King of the Hill) and with it came more depth to shooting. Next was Iron Sights and people lost their shit of that as well, then we got the modern day Cover system.
My point of the history lesson is that most genres either evolve or die. There hasn't been much change in the fighter genre, the last major system that they all added to their games was counter system and before that the idea of a 3d arena with bits you can interactwith while fighting.
Take shooters for example: in the beginning there was paper thin enemies and hip-shooting, things were good but could be better, then there was multi-player and people lost their minds over that. For a while it was just deathmatch but then came capture the flag and with it came new elements: new ways to play. But why stop there then came objective based modes (Attack/Defend, Find the Object, King of the Hill) and with it came more depth to shooting. Next was Iron Sights and people lost their shit of that as well, then we got the modern day Cover system.
My point of the history lesson is that most genres either evolve or die. There hasn't been much change in the fighter genre, the last major system that they all added to their games was counter system and before that the idea of a 3d arena with bits you can interactwith while fighting.