It depends on your perception - if you see PMP as a hiring tool that can get land you a good project manager job with little or no PM experience, then the PMP is still very relevant: most companies (especially companies with a weak PMO) choose PMP project managers because they think that they can do a good job in managing projects.
If you're thinking about its relevancy to how projects are really managed, then I agree with you - the PMP and subsequently the PMO are no longer relevant. In fact, some argue that applying them makes managing projects a bit harder, more complicated, and with a lot of unnecessary overhead.
The PMBOK is being built around wrong ideas - and each year PMI discovers another flaw in the PMBOK's basics - which is not a good thing!
But the question is, will the PMP die? I don't think so, as long as there are companies willing to pay more to hire PMPs, then the PMP is very much alive and kicking.