It didnt dieand it did become common. We are still using steam power. Nuclear power heats the water that turns into steam to spin a turbine under pressure. Coal /fossil fuel /natural gas same process to boil water into steam for a turbine. Steam is inefficient and dangerous due to the excess energy needed to keep it's temp.

We just realized there was a easier way to use steam in the form of electricity eventually. We still haven't really figured out how to turn one source of energy into one that our energy grid supports except in hydro, wind and solar without steam.

Lord of the Rings isn't just "pretty big" it is the grandfather of modern day fantasy as we know it