Yeah, timer or grid controlled water heaters are old and busted (especially with bacteria concerns due to a lack of in tank convection). New hotness are heat pump water heaters that are very efficient and can even add cool air to a conditioned spaces by their inherent operation. Electric vehicle charging orchestrated as large aggregate loads are what replaces “the humble water heater.”
Tankless heaters are great if you’re burning gas, but electric versions are wildly inefficient versus a heat pump and require very large circuits and service entrances on the load center/breaker panel.