The role of the producer has been evolving for years and years. It used to be the person who booked the studio sessions, hired the musicians, and controlled the direction of the recordings. Today, that role remains for some, but we also look at producers as "the people who make the beats."
Atlanta producer Metro Boomin is just one example of a rising star in the modern world of production. He's produced several number-one records, and he gets full-blown media features just like the vocalists he makes beats for. We even have producers like Deadmau5 and Skrillex who are playing arenas.
So while the traditional producer role is still alive, it's evolving, and musicians are getting more and more adept at learning how to produce their own music.