This means that as an art form, its dead. Which seems about right.
So much that now, it is most often used sarcastically, like when a new group releases something cool.
The state of the art has also been progressing. Some of the things coded on the C64 these days are things that I found too difficult to do on the Amiga back in the '90s when I was active.
That energy is dead and gone. Once something hangs in a museum, its still art, but it is no longer alive, no longer evolving and becoming.
But don't underestimate the energy of nostalgia. It's still there and, AFAIC, the scene and I : until death us do part !