It is still available and deprecation has not been notified at all. Note the Microsoft pages on it: https://learn.microsoft.com/en-us/sql/reporting-services/create-deploy-and-manage-mobile-and-paginated-reports?view=sql-server-ver16
There are still an enormous number of customers using SSRS.
This is from a while back but still pretty much to the point apart from a few recent changes:
https://blog.greglow.com/2020/02/11/opinion-sql-server-reporting-services-the-reports-of-my-death/
Paginated reports in Power BI are a partial replacement for SSRS in some environments. But there are many environments where it's still the most practical answer. Not everyone wants to use a cloud-based reporting solution, and not all aspects of SSRS have been rebuilt into Power BI paginated reports. It's only in the last few months that it got a partial option to replace data-driven subscriptions and that's still not feature complete. And there really is no good option for replacing SSRS in Standard or Express editions.
Also, with Power BI, unless every user has a Power BI Pro or Power BI Premium Per User license, you need to have a Power BI Premium license to be able to use paginated reports. And with PBI premium licenses going away, that's going to mean that you need an equivalent Fabric license, which is even more expensive. With SSRS, you only needed the server license, and for Express, it was entirely free.
What did change from 2016 onwards, is that it became a separate install, and you could only have a single instance of it installed on a server. (Previously it was a multi-instance app)