Hehe.. quite the opposite. Though there's a lot of dead projects. The tracker scene is still alive and kicking..
In the late 90's you either used ft2 or it2. Nowadays you're spoiled for choice: aodix, berotracker, buzz, madtracker, milkytracker, modplug tracker, psycle, renoise, schism tracker, skale.
Biggest are madtracker and renoise. Especially renoise turns some heads. They're catching up with traditional sequencers feature-wise and have equal sound quality.