It's as fascinating and in depth as it ever was, but a lot of what it offered - largely free communication over long distances - can be almost entirely replaced by the internet. It will always remain as a niche, I think, and in my opinion it's worth getting your license if you have more than a passing interest in RF electronics just for the concepts and things that you study along the way, but I think especially early in the 20th century the big draw was making contact with people you otherwise couldn't, being part of something people relied on, and putting together the radio to do it at a fraction of the price of a commercial or industrial solution... now those are basically all replaced with modern tech: the internet, existing commercial networks and network infrastructure, and extremely cheap, small integrated radios.
The barrier to entry for a young person is almost nonexistent with cheap IoT devices being available and a wealth of tutorials which can replicate a lot of the communication capability of a ham radio with less training and expense, and the microcontroller route offers the versatility of doing all sorts of non-communication projects. Wireless communication is, if anything, becoming more popular, but since it's so widely available, so broadly connected, and so reliant on devices too small and intricate to construct or modify yourself without exotic tools, there are a lot of alternatives to ham radio for someone who's taken interest in something that used to be found primarily in ham radio.
Still, if tube amps in audio are still around and classic cars are still on the road, ham radio will live on as a rich niche for a long time yet.