Teams are still doing it as a cheap way to acquire franchise level talent: Pittsburgh (Lemiuex, Crosby, MAF, Staal and Malkin) as an example from a different era; CHi & LA prior to there cups; and NJD, BUF, DET, ARI & most of the California teams as current examples that are in the rebuilding part of there cycle. It is just part of the cycle in pro sports and some fans & owners are more accepting, whilst, others are not - Vancouver (imo) is a part of the latter group of - tanking are for losers.
Ultimately, it will come down to the quality of the management group making the decisions and developing the prospects.