I would say that the easy access to previously unthinkable amount of storage and compute (and obv network throughput to tie it together) is thought to make the data modeling unnecessary. Normalized/denormalized data models, Inman/Kimbal architectures were largely dictated by limits of compute and storage which are no longer relevant.

What is forgotten is the data governance and the data quality, which results in, yes, data swamps as far as the eye can see and hordes of "data scientists" roaming around hoping to find actionable "gems".