Meanwhile new generations of people have different tools and aren't held onto these past ones because they didn't start with it (and they weren't coding in the 80s). The world of computing generally has moved on with new ideas, new experiences, and new form factors. So their new tooling has won them over, and outcompeted a dying generation.
This is a good thing! It's called progress. Unless Emacs is willing to have fresh blood decide a new direction for it, it will be relegated to history. If Apple held onto its Apple II vision, we wouldn't have the iPhone today. Either you are willing to fundamentally change with the times, or you aren't. Emacs has shown they aren't, and they've had over three decades to do so. Fortunately others will in their place!