I understand that modern outer layers are more functional. A leather jacket, for example, can be dressed up or down so as to be worn in a variety of situations. It is also better at keeping you warm.
However, I think capes/cloaks are more aesthetically pleasing garments. It also feels good to have the fabric flowing around you as you walk. But what do you think?
As others said, it’s not as practical as modern clothing and so regular people don’t really think about it. They just buy what is available. With cloaks, you probably have to sew it yourself, or order it custom.
That said, I do agrer it would be cool if they made a comeback. Cloaks are cool - but not easy to pull off. You can’t just put on jeans and t-shirt and have a cloak over it and look good.
But I say be the change you want in the world and inspire others! I myself probably couldn’t pull cloaks off, but would love to at least see more around!