I remember in the early aughts people deemed the beat-em-up genre "dead" because there were a high-profile string of early attempts that failed to successfully translate the game experience from 2D to 3D. Fighting Force and The Bouncer were two big examples I can think of that failed miserably. Sword of the Berserk was another attempt, which had some nice production values but pretty forgettable gameplay.
So the beat-em-up genre was likely to fade from existence...until Devil May Cry came along and arguably revitalized the genre (or turned it into the "3D hack-and-slash" genre, depending on you who ask). It showed the industry how to do the gameplay properly in 3D, and now the genre is as popular as ever.
All of which is to say...there's no reason why the Adventure genre could not have persisted into the modern day, had the right game/developer come along.