Too many makers, not enough takers!
Crafting isn't dead, though... it's just not a way to make easy money. However, people who craft can still make more gil than people who don't. You just can't express to push a few buttons and watch the gil roll in.
Also, someone else said this a long time ago, and I feel this comment was spot-on... but crafting isn't just about making money, but also about saving money. It's actually pretty easy to make a steady stream of gil in this game... and if you can reduce your expenditures, the money does add up over time.