its a bit more complicated than not being shiny anymore. For a lot of veterans, what's touted as best practices in the Rails community lead to maintenance headaches and performance issues in large scale long-lived applications. Rails apps tend to have a high degree of coupling internally and to gems that Just Work™ (except for when they Just Don't™).
Also, as the industry has shifted away from monolithic web frameworks to tightly controlled 'microservices' then the relevance of something as heavy as RoR wanes.
Yeah, the whole industry cycles between ideals; each generation rediscovering the benefits and drawbacks of each. Hence the renaissance of event driven applications.