I dont think its dead as WWE is making more money then ever. AEW is in huge demand. The indys are up.
The problem with wrestling is that WWE have had no competition. Casuals see WWE as wrestling. WWE have become lazy and sloppy in all aspects and the standard has dropped. Not only that, times change. TV ratings are no longer the most important thing. Theres so many ways you can consume wrestling when you want.
Lets hope AEW succeed and not only push WWE to produce great content but AEW too. With that all the other companies can up their game.