PHP 7 has been huge for us and our clients. My team has shared New Relic reports where you can see the precise moment the server switched over to PHP 7, running the same software with the same traffic and using much less CPU. It also seems the CPU load is more even then on 5.x, which jumped and spiked constantly.
PHP 7 added some interesting language features like the null coalescing ?? operator. But at its heart it's still the same language and the same community. But interesting new development is happening on other platforms. And people just learning programming are being steered toward Python and JavaScript which have quirks of their own but nothing like the baggage PHP still carries from decisions made years ago.
I think PHP will be around for a long time. But I don't see any sort of renaissance in its future.