Playing any PvP games without them isn't fun anymore.
Playing Streetfighter 2 with people you know should still be fun?
One of those experiences can't replace the other.
I am married with two young children. All of my video game time comes in the hour or two after they go to bed and before I go to bed. I don't have friends around at that time, yet I still want to get some good multiplayer gaming in.
Online matchmaking is amazing these days. You are able to match up against people of about your skill level at any time of day. That experience is magical, compared to the matchmaking from 25 years ago where you would try to find a random lobby, and the players might be amazing or terrible.
I know what I like.