Embryonic stem cell research was pretty much just a phase. It does continue today, but way, way more in animal models than in humans. The research is aimed towards unraveling the biochemical and morphological changes in cells as they age, in comparison to the earliest cells in the body.
New therapies will continue to be developed. But they will be based on adult stem cells - using your own stem cells. Each and every one of us has tons of them. But for some reason, they are not “turned on”, the way we need them to be to repair body abnormalities.
It was promoted largely because the embryo has been devalued in the minds of many people by IVF and by abortion on demand.
You summed it up nicely.