Yeah.The FPS hasn't really killed any genre, in fact most people are playing MOBA's, MMORPG's and whatever minecraft, terraria and starbound gets classified under. I agree on the sentiment that the quality of FPS has gone down though.
Here is steam's top by player count
There's only two FPS from that list and notice how Dota 2 has atleast 4 times as much players than the leading FPS, TF2. I would argue games like WoW and it's success actually had influence on developers to implement the COD gun grind unlock system in their FPS.