Hedge funds aren't run like they were in the early 2000s. It's not about individual traders posting PnL, it's about entire teams working together. In the past, individual traders would try and get inside information in order to post good returns. It's not like everyone at the hedge fund worked together to insider trade, that'd be too risky.
As a result of the individual book model dying, inside information isn't worth much. You can't trade on your own, and you can't share it with others.
Moreover, with outflows from discretionary to quantitative strategies, there's not that many hedge funds (by capital at least) that could even do anything with inside information. It's not like if some guy at Bridgewater got a hot merger tip he would even be able to do anything with it.
tl:dr: lots of things have changed, and the industry is no longer conducive to exploiting insider information.
I'm sure it still happens, but at an individual or informal kind of level. It's not an institutionalized accpeted thing like at SAC or Gallion, for example.