In one sense DP wasn't a failure, because it made its authors boatloads of money. That's usually considered enough, if your expectations are not unreasonable. It didn't revolutionize software development, but software development already was and still is dead in the middle of a continuous revolution, with no end in sight.
That revolution is driven by programming languages getting better at enabling programmers to capture ideas in libraries. Progress mostly happens by existing languages adopting good ideas. Sometimes the ideas have been tried out first in a new language, but as often not. If you have a good language idea, you stand an overwhelmingly better chance of people using it if you get it into a widely used language. As a consequence, C++ has, over the past 20 years, turned into a language that is enormously more fun than its first standardized version. C++11 is more fun than C++98, C++14 is more fun than 11, 17 is more fun than 14, and 20 will be more fun than 17.
The bleeding edge is discovering how to express good ways to control the non-von Neumann hardware whose computational capacity completely overwhelms the pile of cores we are handed. It's not clear that libraries will be able help very much with that.