Points arising:

There are living traditions in all countries in the world, not just in Britain, Ireland and the USA.

Folk clubs (and similar) in Britain, Ireland and the USA aren't the official guardians of all things traditional.

The last thing that's likely to become a traditional song in Britain, Ireland and the USA is something concocted in a fake "traditional" style, to be sung by folkies at folkies - a minuscule minority.

So: is traditional song finished? No. Betcha.