The 555 is a legacy part - like the the 741 - and still sells in large numbers. When the 555 was introduced it did provide a compact and adequate solution to a commonly encountered problem, and was designed into a lot of products. Some of these are still in production.
As with all frequently used parts, it is still beoing incoprporated into new designs. Hobbyists and amateurs copy old designs, because they know - or at least fondly believe - that they work, and don't know enough to design anything better.
Some professional designers - like John Fields - who should know better, still design around legacy parts, because it lets them recycle old designs which they know to be reliable. If you are designing something in a hurry, or don't want to risk designing something that you can't be sure will work out of the box, using familiar - if obsolete - parts can be a good short term strategy.
The catch with the 555 is that it combines a part nobody really ought to use these days - a monostable - with a rather poor quality bipolar power transistor, and uses the same ground return pin for both devices. There are a few situations where these defects aren't troublesome, but modern designers tend to make their time control signals in the digital domain, and use then to drive a MOSFET switch.
-- Bill Sloman, Nijmegen