I think the trend is going toward the rechargeable stick vacs like Dyson first came out with and now other makers are doing, and secondly the robotic vacuums. As for more traditional corded uprights, it seems to be the Shark style machines are what everyone is following. Even more traditional bagless tools on board machines are getting fewer in favor of these styles.
There may never be an end to big box vacuums, but this is the direction they are headed. They aren't reinventing themselves, they're just following the "leaders" of Dyson and Roomba because that's what people want and need.
Unfortunately the only big box retailer where you can still get a decent bagged upright or canister vacuum just filed for bankruptcy. It may mean an end to that brand as well, not that anyone seems to care...
Of course there's always Kirby, Aerus, Rainbow, Miele, Tacony, etc. But in many many towns all you have available is Walmart stuff. Which means the end of bagged machines and canisters is pretty much sealed.
It is nice that Hoover still offers the Guardsman and Portapower in their commercial lineup, as well as some older machines repackaged. It seems they still put a lot into that line.