SOAP lost, and SOAP is still everywhere. Both are true.
The web API movement defined itself against SOAP’s complexity, and that reaction produced something genuinely more accessible and more successful: HTTP, JSON, documentation you could read without a training course, and a developer-first ethos. The center of gravity moved decisively and is not moving back.
But SOAP also solved real problems that the API world later had to solve again. Machine-readable contracts — WSDL was doing that a decade before OpenAPI. Formal governance. Security and transaction semantics at the message layer. When I worked on translating WSDL to OpenAPI, what struck me was how much of what we treat as new discipline was anticipated by the generation we dismissed.
Practically, if you work in a large enterprise you will meet SOAP. The right posture is neither contempt nor a rewrite. Wrap it where you need a modern interface, generate OpenAPI from the WSDL where that helps, govern it alongside everything else, and migrate on a business case rather than on aesthetics.
The honest history holds both halves: the rejection produced something better, and it was never as total or as wise as the triumphalist version claims.