I'm speaking for its place in video games. Stuff like Hearts of Iron and Diplomacy are birthed from Risk but are extremely niche. In fact, for fully graphical video games, they often have board-game like communities (the games have no QoL systems like match making, you'll have to organize it yourself on Discord). For example, the QoL to be able to jump into a lobby like the one posted here is not available in $50 dollar Risk-like/Diplomacy-like games. You can't even do that in 4x grand strategy multiplayer games. It's a got a long way to go. It took some time until all the concepts of DND got fully fleshed out into graphical RPGs and MMOs. I hope the same happens with the Risk-line of games, but it may also forever be niche.

This game right here is a offspring of SC2 Risk Legacy map:

https://store.steampowered.com/app/1309610/Line_War/

Inspired from (imho):

https://sc2arcade.com/map/1/181632/

Both games have a small, dedicated community. Line wars usually require people in Discord to gather people for games.

The compelling thing about Risk games is that once you make it past the early game, it quickly shifts into a sophisticated social game where you have to LARP geopolitical diplomacy since most countries/armies are too big (entire sovereign nations) by the end game.