I think there are people who still work the genre. I think Springsteen is at his best when he's telling stories like he did on Nebraska. Songs like The River may not be based on news stories, but they are balladry at IMHO a pretty high level. And his latest effort - the song "American Skin (41 shots)" about the Diallo shooting in New York - has put him at the center of controversy on police brutality. Good work Bruce!

One reason that I think more people don't do those old fashioned story songs is the temper of the times. Most people are too self-involved to spend time listening to songs about someone else's heroism or disaster. They need re-enactments on tabloid TV to visualize the story. Try to do a great song like The Wreck of the Edmund Fitzgerald and all you see are people glancing at their watch. We have become much more cynical about the heroism and nobility that has to be at the heart of a good train wreck song to make it effective.
And if you're not highly skilled as a writer, you're better off not messing. One of the last topical ballads to crack the charts in my memory was Dylan's "Hurricane" which is, again in my opinion, a hack piece with a catchy chorus, nice tune and a few great lines. If I remember correctly although it got airplay he got scalded for it when it came out, particularly when Hurricane was re-tried and found guilty again. It's only lately that both Hurricane, and Dylan's take on him in the song, were vindicated.