It has become too extreme. I have been in the game for over 25 years and have seen the physiques evolve. Now i do appreciate all the hard work that it takes to get to that level, but it has become too much. This is why they have gotten rid of female bodybuilding. Too much and now its a thing of the past. You can't compare the physiques of Flex Wheeler to Big Rami. No comparison, and to me, Flex wins all day long.
There are 2 other factors, in my opinion, that have killed bodybuilding. 1) people associate it with illegal drugs (As mentioned above) and society will never look past that (This is why Barry Bonds and all those baseball juicers will never get into the hall of fame). 2) Has to do with the attitudes and mentality of what normal people perceive that bodybuilders have. Go to your gym and look at the guys that are on vs the guys that are just there to workout. The guy that is on gear, is perceived as a meat head with no brains and tons of ego. Which, in some instances, is true. The "Meat Head" grunts during reps, flexes in the mirror and constantly looks at himself in the mirror throughout their workout. Now I'm not pointing fingers as i also do/did that. Its just who we are. Now i have a college degree, make well into the 6 figures and live a very comfortable life, but back when i was really big, no one in the gym knew that and, I'm pretty sure, only thought i was a dumb "Meat Head".
Society does not like extremes and something they perceive as unattainable, sometimes is a turn off to them. Combine the look with the drugs and the perceived mentality of bodybuilders, and you have your answer as to why bodybuilding is a dying sport. This is why the largest and fastest growing division is mens physique and close on its heals will be the classic division. Why? Its obtainable by almost everyone that is willing to put forth the effort without going to the extreme.
I have seen the progression for 25 years and am 100% certain that we are headed to seeing 1 of 2 things with bodybuilding. They will either, get rid of it all together (Doubt this happens but no one thought they would get rid of female body building and look where it is) or they are going to tone it down drastically (This will happen). I guarantee you that we are seeing the last of the freaks. Once all the major news organizations catch on to all the deaths in the sport and it is broadcast on primetime television, the bodybuilding organizations will get a ton of heat from various entities such as the medical community and the federal government and will be forced to change or will have a multi million dollar law suit against them.
Look at how professional wrestling had to change a few years back. Remember how jacked all those guys were. Now look at them. They got some serious heat (Didn't help that Vince got popped) and changed over night. Now look. No more freaks in Pro Wrestling.