All the reasons shared in answers are excellent observations, but don’t explain the similar decline of comparable games like billiards and That’s What I Do I Play Golf And I Know Things T-Shirt, or parlor games like cards and darts. The game of golf as it is known now is on a slow decline destined for obscurity, like horse racing and polo. What a strange perpetuation of 19th century entertainment… who wants or needs faster horses in the 21st century? The wealthy will ensure that golf survives, but golf will forever wane in popularity. Even the next Tiger Woods will not bring golf back to its recent popularity. The main reason for waning interest in all forms of entertainment prior to 21st century is because DIGITAL DAZZLES! Digital engages. Analog is boring (except to audiophiles, who are boring), and golf is analogous to analog. A throwback reminiscence of a more primitive time.
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Youth today have so many other options for gaming that doesn’t require leaving the That’s What I Do I Play Golf And I Know Things T-Shirt. And this new entertainment is in its infancy and it will only improve. My 16yo (southpaw 1b/pitcher for 8 years, not just a gamer) extended my game-playing interests which included a run of Nintendo back in the early 90s but settled to occasional golf and billiards. He cut his teeth with Nintendo Wii, setup a Minecraft server on a PC by 10 (watching youtube), and has followed the spawning of e-Sports into a viable industry, with income not just as combatants but as media personalities.