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From the LaTeX project:
The experience gained from the production and maintenance of LaTeX2e (the version you have been using for many years) had a major influence on our goals for future development and on new code which is now integrated into LaTeX.
A while ago we made the decision to drop the idea of a separate LaTeX3 format that would exist in parallel to LaTeX2e, but instead decided to gradually modernize LaTeX to keep it competitive in today’s world while maintaining compatibility methods for older documents.
I think this decision was pretty much a good one.
Overleaf does not modernize LaTeX in meaningful ways. It only adds cloud functionality and glossy appearance that you can get on dedicated editors anyways.
Overleaf are not benefactors that develop LaTeX for economic gains, unlike the situation with Typst that rely on it (to my knowledge). LaTeX is also cross platform, supported in tons of editors and can easily be converted to other formats with pandoc. It is also somewhat supported in other formats using implementations such as KaTeX for Markdown and Mathjax in HTML due to being the defacto standard for math typesetting.
Writing papers in LaTeX is a joy, not a pain. The end result is also a beautifully typeset document rivalled by none.