Professional bodybuilding is indeed dead. No smart man wants to get into anymore. Just take a look at all the bodybuilders who have died young or have serious health problems and tell me if you want to go down that path.
Bodybuilding itself isn't dead. Eating and lifting to naturally build your physique and become the best physical version of yourself is healthy and worthwhile, but it's not the same thing as professional bodybuilding, which is more like a cult of freak worship nowadays.