It started to die down with the "meh" models, a lot of which were models based on existing cars. The BMW got people excited, but then the Mitsubishi came out a little silently, thus it wasn't as popular. Then people noticed at it was based on an existing concept. The VW had a lot of hype, but it took forever to release, reducing the hype. People didn't like the looks of the Nissan, and the hype died down again, as it was the only known project at the time.
Despite the recent hype drop, I think it's still got a lot of steam. Most of the people "against" the VGT project are people that would prefer existing road cars to concepts. Plus, as I said, people were getting disappointed that the project was turning into essentially sport/race-modified verions of existing vehicles. I think the Aston started to change that. We know that the Subaru and Alfa Romeo are in the code, and I think the Alfa will be a turning point for the said-derailing hype train. They're a manufacturer known for their beautiful designs, and it's launch will likely continue the project's idea of limitless design, which is what attracted a lot of people.
I don't think it's dying, I think it's just died down a bit, and it'll climb back up soon.