The answer with more details is: The core of Product Hunt has dead but it could continue to make money because Product Hunt has become a place where people wanting to get traffic has to go but not a website people like to visit.
Don't be fooled into thinking a couple of hours spent on a Product Hunt launch is real marketing though. You need consistent effort, not a big bang.
PH is basically a social media for selling stuff. It's a community for selling stuff. It's for the people who want to say, "hey vote for me on product hunt, I need your support!" It's something like LinkedIn. More effective than using X or getting on a podcast. There's probably better ways to market, but it works for people who aren't good at marketing.
I think the Golden Kitty awards has some value, though. Could probably end up like the GRAMMYs for product or something.