I wouldn't completely write it off.
We have played with it to compare the look, feel, durability etc vs wrap material. We had to know to be able to sell against it. It has its place. The look is all based on quality of work. We had a customer that produces custom show ATV's and side x sides and was building a ATV that was bright yellow. He wanted us to wrap it for a promotion. There was not enough money in the world..... We decided to plasti dip it and it came out great. I put a piece of 3m flat black down against it and it was hard to tell the difference look wise.
The pros are:
Its cheap and removable
If done right it can look good.
There are new colors along with metal flakes and pearls.
It can be freshened up.
It is quite durable on most surfaces. (Not ATV plastic but not much is)
You can do emblems, wheels, grills etc very easy.
The cons:
It doesn't have the smooth feel of wrap material.
The light colors seem to hold dirt.
The usual issues with spray products (mess, cleanup, fumes etc)
There a few shops in my area that do it and they stay very busy. The problem is like anything, the market will saturate with poor quality hacks.
Here is the atv I did and a mirror on one of our cars as a sample.