Most comments I see here are questioning why we still need URL shorteners. Print, media, SMS, and analytics are just a few reasons. I wrote some additional info on my blog: https://timleland.com/are-url-shorteners-useful-today/
Another interesting thought is when you create a TinyURL, it's 20 characters long, and Bitly links are 14 characters long. These services cannot create short links anymore. As a URL shortener grows, the number of actual short links diminishes. Currently, T.LY has over 10 million short links, which means plenty of four and five-character short URLs are available.
Two character URLs 3,844 (62^2) unique combinations
Three character URLs 238,328 (62^3) unique combinations
Four character URLs 14,776,336 (62^4) unique combinations
Five character URLs 916,132,832 (62^5) unique combinations
Six character URLs 56,800,235,584 (62^6) unique combinations
Seven character URLs 3,521,614,606,208 (62^7) unique combinations
Eight character URLs 218,340,105,584,896 (62^8) unique combinations