I will forever mourn the general demise of server browsers. Too many games require you to use matchmaking systems, which means it's very hard to build up a small community in-game anymore. You either have to rely on forming small parties with people you've stumbled upon one by one, or you have to seek out people from some much larger area like Reddit or Discord. It takes a lot of the serendipity out of the experience…
Server Browsers make sense in a world in which members of the community are self-hosting their own infrastructure for others to play on. While a great way to build community, it can be a problem when it comes to player retention and competitive mechanics.
Player retention can often suffer over the long-term as such communities establish boundaries and rules, eventually orienting around a small clique of individuals, increasing the friction for integrating new members into the community.
Additionally, the competitive mechanics, which often draw a large amount of players, can suffer as player-run infrastructure can vary wildly in its connection, uptime, speed, etc. and bring a risk of unsanctioned modifications, cheats, and hacks, all negatively affecting the player experience.
Overall, its a tradeoff, the community building aspects of player run servers can truly build colorful and vibrant communities, but this can be at the expense of overall player retention, trading a large and accessible playerbase for a small dedicated community.
Most game companies choose the route of building and running dedicated server infrastructure. Which of course, internally run servers tend to be built with a set image that gets cloned each time more are needed, making each one indistinguishable and fungible. The only problem becomes assigning the players accross servers depending on which ones have available capacity, which is where matchmaking comes in.