The latest cycle just completed. Jon Edwards is the latest ICCF champion:
https://www.nytimes.com/2022/11/09/crosswords/correspondence-chess.html https://en.chessbase.com/post/jon-edwards-wins-the-32nd-world-correspondence-cha... The next cycle is underway.
The NY Times article touches on your question directly:
"Even with such a plan, a majority of correspondence games end in a draw because it is nearly impossible to beat an opponent who has access to the defensive resources of a chess engine. Out of the 136 games played in the 32nd World Correspondence Chess Championship, 119 were draws. What’s more, when games are decisive, this is sometimes because of human error.
Given the high number of draws and the difficulty of winning even a single game, could Mr. Edwards be the last world champion correspondence player? He didn’t seem to think so. “Most outsiders and many players believe that correspondence chess is dying,” he said, “but the best correspondence players don’t believe that.”"
My 2 cents:
I think the simplest answer is that it will not be "dead" as long as there are people interested in ICCF play. ICCF appears to still be going strong. In terms of games played, my database suggests in 2017 there were over 106k games started and in 2020 there were over 100k games and in 2021 there were ~87K. Will need to see what happens over the next few years.
I personally think there is still a place for the "academia of chess" and the laboratory environment of ICCF play. I know I still enjoy it. The games produced continue to influence theory OTB and are discussed in analysis of OTB games for reference.
But the relevancy of the championship to the broader chess community will no doubt continue to be diminished if the draw situation becomes even more extreme in future cycles. But does that really matter? If the championship is only of interest to those engaged in ICCF play I am fine with that. I don't think anyone actively engaged in ICCF has any delusions. The broader chess community will remain aware of it. But not follow it closely. Perhaps not much different than their awareness of TCEC. It will remain relevant to a niche of those actually interested in ICCF play.