The "Technology Connections" youtube channel recently discussed awnings too. (And it had more or less the same message as this blog.)
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Because those are the actual reasons.
We still sometimes use things like awnings, just in the form of 'porches' or modern-looking 'slat awnings'
Changes in architectural fashion has made some forms of awning look dated.
Fabric awnings need upkeep to keep them looking smart. When the awnings are above ground level, it's semi-expensive upkeep. Building owners are tempted to keep those tired, sun-bleached awnings in place rather than renewing them - contributing to the dated reputation of awnings.
Awnings also face competition from interior curtains and blinds, which are much simpler to maintain.
And there's shifting building use. A few decades ago an office worker would prize a desk by a big window with lots of natural light to read paperwork by, but in the age of PCs nobody wants direct sunlight on their screen. Internal blinds let workers control the light levels to match their needs.
But not significant competition. If the blinds are very reflective a small amount of sunlight might end up going out again but in general, once the solar radiation converts to heat you can't get it back out through the window. That is particularly true for modern multi-pane windows.