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Mehh, hack and slash was never huge like lets say the fighting genre or fps. GOW and DMC are both really good 3D hack n slash games that innovated and were exclusively on PS2 which was the most popular console at the time and GOWs realistic visuals and gore gameplay is what appealed to western gamers.

GOW Asencion felt like more of the same, Dante Inferno was slapped as a GOW clone, Metal Gear Rising was fun for a while nothing ground breaking, Itagaki left Team Ninja so NG3 and Yaiba both sucked, long time fans dont like the new Dante in DMC lots of things going on but yeah shooters and open world games are simply dominating the market for now and probably will for a long time.