Sharings platforms still exist, they just get less mainstream exposure, for obvious reasons. They are also more exclusive and generally require more effort than back in the days.
Seeding, uploading and staying in it for the long haul is a lot more work than just buying a Spotify subscription and certainly not for everyone, but as someone who is constantly disappointed by the selection available on streaming services and also need local files for DJing, I couldn't imagine living without it.