According to the graph vainglory had an interest of 20 on the 6th of September 2014, that’s 5 weeks before the game was globally launched. The last point of the graph which is the 15th of September 2018 shows that vainglory has an interest of 17, so the game generates less interest currently than it used to before it was launched gives you an idea of how dead it is.
In a parallel universe: Vainglory 5v5 would still be in pre Alpha to this day and tested by trusted people in the community that would report bugs, give performance feedback, ui optimization suggestions, gameplay adjustments to the devs that would actually listen to the feedback and make changes to the game accordingly. The devs would also be working in the mean time on making Vainglory cross-platform on pc but also on console and optimize the game for both platforms. By the end of 2018, Semc releases their new game Vainglory 2 with a 5v5 game mode, 10 or so more heroes (including yates, kensei, kenetic, silvernail, tony and kenetic), the new defensive items + 1 or 2 new cp and wp items and it would be cross-platform and available on mobile, pc and console for free. With proper advertising by focusing mainly on content creation, Vainglory would have exploded out of proportion just like fortnite did.
But now instead of we have hats so ¯_(ツ)_/¯
Edit: New game would obviously mean that everyone starts from scratch regarding ranked which would give semc the perfect opportunity to either fix their current match making algorithm or work on a completely new one.