I doubt many people would be picking it for new designs nowadays.
I don't know what "Legacy" means to NXP, exactly. They're probably not making new, compatible cores. But if you're buying more than a few hundred per year you're likely to be able to do it for a while yet. Microchip, I know, use the phrase "customer-driven obsolescence", which means that as long as people are buying the chips they will keep making them. They still have a few 5V programmable logic devices that are maybe 25 years old but still available in onesies, and some from that series that I've heard they make as a sort of "print on demand" system if you buy the 500 or however many are in one batch. In general obsolescence in embedded hardware is very different to PC software, especially the kind that's normally discussed here.
Basically, in embedded products you end up touching everything from the app, OS (if there is one), device drivers all the way down to the on-chip peripherals.
I just doubt they can compete against ARM on price at this point. Or I suspect on power consumption.