The art and music (demos, intros, MODs) associated with the warez scene are still alive and well and known as the 'demoscene', but it doesn't have quite the same cultural relevance it used to. People are still doing cool stuff with intentionally limited resources, though.
Does the traditional warez scene still exist? It seems like that kind of culture mostly exists in media piracy groups and to some extent in fansub/scanslation groups, but there's much less personal style involved in what's basically just distribution.