I feel like there is a bit of a game of chicken going on, rackwise.
Today there is so much emphasis on the pedalboard, with booming markets in particular for recreations of rack-style effects and amp-in-box pedals. Big space station boards are becoming more common. At the same time, the playerbase is shifting away from live performance. So much of what we see now is stay-at-home hobbyists on social media.
Speaking from my own experience, I've never played live so my rig has always been for Madison Square Bedroom. And my pedalboard was getting so big that the advantages of rack starting winning out. A rack is easier to work on, doesn't have the same pressure to be "presentable", dialing things in on a rack is easier than stooping over a pedalboard. If my pedalboard never has to move anyway, then mobility isn't a factor in board vs. rack, and having my rack tucked in the corner with amp head on top, cabled up neatly, is just a lot more appealing than a massive pedalboard.
So I think the appeal of rack is definitely there, but the flipside of it is the only rack gear being manufactured is super expensive, so it becomes a big investment to make the jump (I myself am still hedging for now, using a FM9 on my board and gradually introducing more gear into the rack).