I dunno if "dead" is the right word for Bannerlord's current state but I will say this:
The fact that I have an easier time finding active games in Chivalry 2 than I do in Mount&Blade Bannerlord says a lot about how badly TaleWorlds screwed up with making a multiplayer component for their game. I think i mentioned in another thread about how TaleWorlds have insisted on keeping the game as imbalanced as it is, and how the end result involves people instead downloading and giving money to a game client they absolutely despise in order to play a medieval combat game in a multiplayer environment.
What i'm saying is that TaleWorlds has somehow made downloading the Epic Games Launcher appear to be a more attractive option than playing Bannerlord on Steam, and they have no one but themselves to blame for this. Unless they decide to rebalance their game to a degree where everything is viable, I think Chiv 2's belated Steam release will only serve to be the final nail in the coffin for Bannerlord multiplayer, since the people still playing Bannerlord right now are those who are sticking to their guns regarding their dislike towards Epic Games.