This really comes down to personal taste and local customs/habits.
So you still regularly need/use/handle coins/loose change? Do you still have papers you need to carry with you (ID, driver's license,...) larger than a credit card with you? Do you need/want multiple spots to put bills or small bits of paper? Some people keep receipts, some don't, etc etc.
Honestly, I do still have a big trifold because it's moose leather and a souvenir from Norway, but if I were replacing it, it certainly wouldn't be that big anymore.
I don't carry any cash at all 90% of the time.