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Not dead, but the happy times when you could find 3+ loose fishes per table are definitely behind us.
That depends
Play Zoom 25nl and below at peak fish hours (evenings and weekends GMT) and 50% of the playing pool are loose fish. You be seeing a ton of tables with 2-3 fish on them.
Outside of those hours, yeah it's a nitregfest.
Higher up idk, but most who have gone down the road say there is not much difference 25nlz >> 50nlz.
Also scheduled weekend MTTs (like the Sunday Storm) are total whalefests in the early stages.
There are still plenty of fish playing online, you just gotta work a whole lot harder at finding them.
Regs on the other hand are waaayyy better than they used to be and most of them are tooled up with every legit (and probably some non-legit) software tool available.
So yeah, it is way tougher, but that is at least as much because of the development of regs, as it is the (over-hyped) reduction in fish.