I'd answer No to your question, and what a great discussion so far!
338's have a long history and a secure future. Here's
some history on the .338:
1888-1905, the 8mm to 9mm Mauser era
1902, the .33 Winchester Round for lever action rifles
1908, the .333 Jeffrey. A dangerous game round of which
Pondoro said "Time and again have I driven it the length of an animal's body, and cut the perfectly mushroomed bullet out of his hindquarters." The .333 Jeffrey was successfully used in WWI to counter German snipers. The .333 could penetrate the enemy sniper's steel plate like "slicing through butter."
1912, the new .375 H&H came out and became more popular than the .333 Jeffrey
1958, the .338 win mag is introduced and sales took off
1962, the .340 Weatherby magnum comes out
1983-1989, the .338 Lapua Magnum is created in response to the military's need
1998, the .338-06 A-Square (SAAMI) = a long action .338 with less recoil than the .338 win mag
1998, the .338-378 Weatherby
2001, the .338 RUM and the .338 Edge
2006, the .338 Federal and in 2008, the .338 Ruger Compact Magnum = short action .338's with less recoil
2008, the .338 Norma Magnum comes out following the US Army's request for a .338 PSR
2010, the .338 Marlin Express lever action arrives
2016, the 33 Nosler Is added to the .338 world.
.338's fill the niche between .300 mags and .375 CheyTacs. It's a caliber that is very popular with many shooters. I certainly recall the significant revived interest in .338's when long range interest in the .338 Lapua Magnum and the .338 Edge took off.