To be clear I’m just discussing TFVC, not TFS/the tool formerly known as TFS.
Microsoft themselves recommends using Git unless there’s a specific need for centralized version control: Git and TFVC version control - Azure Repos | Microsoft Learn
Git is the default version control provider for new projects. You should use Git for version control in your projects unless you have a specific need for centralized version control features in TFVC.
With Microsoft investing in Git as their default, our investments also focus on Git rather than TFVC!
That said, the plugin remains available to the community to adopt (and has been since early 2016, I believe)