Arcades were still popular until late 90's. The one near me lasted into the 2000's. The place was great, they used to hook up buttons with wires a couple times a year and had a free day, where hitting that button would give you credits. Even now they have things like Dave and Buster. It's just they're niche now that PC's and consoles can do what arcades can. Which is also why you see arcades mostly have physical interactions with their games. Where you can sit down and stuff moves, and crap like that. That's the thing they can offer that can't or can't easily occur at home.
Was never a big fan of these games, but I've had my share of fun. This game does look great.
I also during a summer sale bought Injustice: Gods among us. Uses DC characters, and is really cool. Mortal Kombat X looks to top that, and I think it will be successful in doing so.