At one time there was competition to be the first, the fastest, or the youngest to climb Mount Everest. However, the treacherous terrain and high cost of being allowed to attempt the climb has dampened the enthusiasm of experienced climbers. Few climbers have been successful in reaching the summit without using oxygen. The statistics of having 200 or so deaths during attempts is enough to make anyone think twice about climbing Mount Everest.
We mountaineers have a phrase to describe mountains like Everest: "altitude for altitude's sake". Climbers are more interested in the aesthetics and technical challenges of a mountain and climbing route. I had the opportunity to join a sponsored team to climb Everest in the mid 1990's, but decided not to participate. My reasoning at the time was that I could climb a dozen more technical and beautiful mountains in my area in the time it would take to climb Everest by the "dog route" (standard route). I felt at the time, and still do, that the standard route on Everest is just a high altitude walk. I think Everest has very little allure among serious mountaineers these days, (with the exception of the more technical routes).
In the last century Everest was the highest point on Earth, a place where many men had died and very few had managed to climb. But since 1974, an expedition has made the ascent at least once a year apart from last year. With better equipment, food, and preparation Everest is no longer the feat it used to be. The discovery that K-2 is actually higher has also diminished its allure.
I do not think society has lost interest in Mount Everest's allure. Indeed, there have been movies recently about climbing it. Instead, I feel that the dangers of making the climb have become more apparent, and less people are willing to risk everything to actually climb the mountain. With all the technology and media out there today, there are plenty of ways to experience the climb (at least to a degree) without actually doing it.
Mount Everest may have declined in terms of popular but it will never deprecate in the popular imagination. There is still a great deal of prestige attached to climbing Everest, not just in the climbing community, but all over the country. It is an instantly recognisable feat of incredible endurance and so it will never completely lose its allure.