Hot-rodding is dying. Let's think about that.
V8's are dying. Dodge was the first to stop putting them in cars.
Mustang sales are at low levels. The Camaro is gone.
Ford doesn't allow tuning of the current Mustang (asterisk for approved Whipple/Ford Racing parts). GM tried locking people out of the new Corvette but they eventually got into it.
Tuning hardware+software companies have been raided by the US government. Most of this is due to the diesel truck crowd.
The manual transmission is pretty much dead. Sure, the current 8/9/10 speed automatics are faster and get better mileage, but a lot of people still prefer a stick shift.
Drag strips are closing. Housing gets built near them, the events make too much noise, and the land is too valuable to be used as racetrack which doesn't really make much money.
Lastly, the younger generations aren't into cars as a hobby/culture like the previous ones were. They don't drive as much and view cars as more of an appliance.