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It's still effective... it's just not as exclusive.
I have a feeling the mainstream PUA will die out very quickly because of all the AFCs around giving terrible advice which leads to mixed up opinions but PU will always be around. There'll most likely be a few more invite only forums cropping up where the real business goes down that's hidden from the general public.
PUA has never nor will it ever be something thats "mainstream." Stuff that goes mainstream is shit like 6 minute abs because it claims to offer people a quick solution to their problem. Some companies market PUA as a "quick fix" but then people will get into it and realize that it's not.
People don't want to do anything that is going to take "work" or "effort." They want it all done for them... Once they find out that there is no magic pill, they get out of it. Same reason why people will buy the 6 minute abs program and realize that the only way to get abs is by a good exercise program and a healthy lifestyle... they get pissed off at the 6 minute abs.