But 3.x V is the new 5 V
This vomit of characters doesn't make any sense.
---what good is a 5V rail in the typical design these days?
What the **** is a "typical design"?
I design in the power rails I need. 3.3V, 5.0V, or 6.7V, or 12.34V, doesn't matter, the design process is the same! The latest thing I designed, which is rather complex, has a 5V rail, and it's by far the biggest rail, 3V3 is one tenth of the current rating of the 5V. Why? Because it's designed to drive loads requiring 5V

.
So where the 5V rail could be used? Maybe power up things that either require 5V, or when 5V is convenient for circuits you design? For example, for many analog circuits, or for charging a li-ion cell, 5V is handy with either a linear or buck charge controller. Also, driving MOSFETs. Or, some LCD displays require contrast voltages at 5V. .... or... tadah... driving blue LEDs!
Have you though about why every stupid demo board / dev board has an eye-blinding blue POWER ON led, but all the IO/status LEDs are green or red? Yep, it's because they can't use the blue leds with the 3.3V IO, at least they would be dim and inconsistent, or very dependent on the exact LED part number and maybe even batch, and they want to blind you, and do it simply and cheap! So POWER ON LED for the "blue blinding experience" it is, they can use their separate 5V rail, or unregulated input supply, which today usually is externally regulated 5V, to drive a cheap blue LED at 20mA, it doesn't matter whether the Vf is 3.2V or 3.6V.
Of course, if your point is that MCUs (bare chips)
requiring 5V supplies are obsolete, as well as 5V as digital IO voltage, you are quite right. But what does this have to do with anything discussed here?