Sure, blogging still exists... but blogging was the "thing" for a while, and now it's not the "thing." Even with any sort of revival, everyone already knows what it is, so it will never hit a peak with the same energy. No one's going to explain what blogging is during prime time on CNN.
Blogging is dead. Just like punk and disco are dead. They peaked and were co-opted by corporate interests to make profit (and that peaked too). "Real" blogging still exists, but relatively speaking, no one cares (and that's ok).