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It used to be rare. Back when it was like 1/8000 odds.
Nowadays it simply isn't. Not just because PLA just made it incredibly easy with a 1/560 odds, but also due to searching shines in the overworld os way easier than going to one encounter to another.
With the internet, shinies are seen everywhere, and pokemon go made them easy to find as well. It simply lost its mystique and value.
And let's not talk how easy is to trade pokemon for shinnies in pokemon home.
I belive we might see a different variant of shinnies in gen 9. But I simply belive it's a mechanic that's past its prime, and it's in there due being characteristic from the franchise.
It's just a "cool" thingy, that some people are still obsessed with, but mostly due to autistic or asperger's reasons.
