This is a rehash (pardon me) of this post from 2021: https://www.search.io/blog/vectors-versus-hashes
The demand for vector embedding models (like those released by OpenAI, Cohere, HuggingFace, etc) and vector databases (like https://pinecone.io -- disclosure: I work there) has only grown since then. The market has decided that vectors are not, in fact, over.