Losing all the campus clubs for two years really impacted things, and I think there was also a big loss in mid-sized events, but hopefully things do still continue to recover. Certainly there is still loads of enthusiasm, especially in the Balboa world, where the flow aesthetics and high skill ceiling really appeal to obsessive types.
It appealed to me as a 20 year old engineering student, eighteen years ago. And I see lots of 20s and 30s still out at big events; I wouldn't write the decline off as being about anything intrinsic to the activity.