In most cases the only real loss from no nvlink is the merging of vram, most software can use more than one gpu and in my experience cuda cores are cuda cores irrespective of how many gpus, at least from the softwares perspective.It's not being phased out, it's being only added to server gpus and very high-end GPUS this generation and being sold as a high-end feature only now. PCIe5 can't do what NVLINK does so far and there is no silicon on ADA for any form of NVLINK functions and can't share VRAM or pool CUDA cores.
That's why they have the Ampere A-series for that still being made and sold for them features, check Nvidia's pro line up and site regarding all this.
In short NVLINK has now become a luxury feature for their top of the line products and guessing when they phase out Ampere A-series they will have another gpu to take that role on once 48GB VRAM becomes more the norm on pro cards and by then 96GB cards with NVLINK will be about I'm guessing and hoping they may bring out 48GB 5090/6090 by then with NVLINK again.
There's also no obvious reason that vram couldn't be shared by pcie4/5, nvlink at a very fundamental level is/was just a connector that allowed for a faster transfer than the then current pcie allowed, they just need to design the hardware and driver/software around it.... it's arguably not much different to direct storage and/or nvidia rtx IO which communicate over pcie.
Some of the rumours for the 4090ti say it might have 48GB.... can't see it myself because nvidia wants people to buy the 'pro' cards but at the same time nvidia can see the extra money coming from smaller companies and 'uber' gamers....