I would not say it's dead. NATO for example has the Tiger Meet in which squadrons named after tigers meet and these aircraft frequently have elaborate tiger schemes (albeit temporary ones). Personalization of aircraft often happened in combat situations, such as when these examples of bomb-bay art in Desert Storm or this F-16 from Iraqi Freedom. KC-135's often had quite elaborate noseart.

The ultimate arbiter of noseart tends to be the attitude of the local authority towards the defacement of government property. Generally, the post-Vietnam USAF turns a blind eye to noseart so long as it is tasteful and does not have nudity. The USN on the other hand typically tends to take a dim view of noseart. USS Princeton's VF-27 had shark mouths, but when she sank, the surviving Hellcats landed on other carriers whose commanders promptly had the shark mouths painted out.