I send lots of 2FA SMS for a number of banks here in Europe and they - because of the costs after PSD2[1] went live - want users to use their app for getting notifications as 2FA. They have launched several communication campaigns over the last 2-3 years, but only 30% of users have migrated from SMS to in-app notifications, mostly because they won't even install their app.
Then, we have uses cases where users don't have a regular relation with your business (p.e. e-sign for consumer goods financing on spot). In this case, I would say that SMS is the only channel you have to serve these users.
For better or worse, I do not see SMS disappearing anytime soon.
[1] https://ec.europa.eu/info/law/payment-services-psd-2-directi...