Not true... Little processor power is needed, just an enabled chipset or a post processor.
It looked all but dead in the past few years with very few new enabled encoders released and a reduction in backhauls. 4:2:2 saw a significant equipment resurgence at NAB this year primary driven by manufacturers wanting an opportunity to do business with one major broadcaster. It will be interesting to see if other broadcasters follow their lead and use 4:2:2 on top of newer modulations. No trend at this point, but I won't count it out.