We seem to have this discussion about the future/health of "the hobby" quite a bit around here. I think anyone's perspective on this is a function of how they define "the hobby". If you are looking at a narrow slice, like Prewar cars (which I love and have two of) then there is reason to be pessimistic. I prefer to look at it in the most broad sense, which is people/activities involving motor vehicles. There are so many more options for pursuing an interest in cars then there were 20 years ago. I often find myself needing to choose between more then one event. And while we like to complain about the car shows on Discovery, the amount of quality automotive content on YouTube will fill your free time easily. And while car magazines aren't what they used to be, the internet is full of great content.
I get that the economics of "the hobby" are challenging. I'm a Gen-Xer who couldn't afford to own a second, fun car until I was in my 30's. I found other ways to satisfy my car-lust. I started by collecting auto books. As I got more money, I played with motorcycles. I always found events to go to meet other enthusiasts and see cars. My point is, if you think there is a problem with "the hobby" it might be that you need to find other ways to enjoy it.