Well, I think the great hype was around three or four years ago. I would say the numbers are going down since two or three years.
(Would like to see if I am right, anybody got the statistics from the last e.g. 10 years?)
But it doesn't have to be a bad thing, though. Some of the newer cachers from that period did not follow the hype and left the game with a few (hundred) founds. Also, that was the time when micro caches popped up at every corner or guard rails. But quantity is not quality.
Hopefully, the cachers who stayed will put out some better caches.
I don't see it too pessimistic: at this moment there are 350.000+ active caches out here in Germany. I would need a lot of time to get to get them. So there are enough caches out there, that are waiting for me to log them..