Torpedoes remain lethal, but surface ships rarely reach launch range

Why did torpedoes fall out of favour as surface-ship weapons?

They remain effective, especially from submarines, but surface ships are usually engaged by longer-ranged missiles before reaching torpedo distance.

The answer distinguishes weapon effectiveness from the tactical opportunity to use it. Submarines still favour torpedoes because they can approach covertly and deliver a powerful underwater hit. Surface ships are much more visible, and their torpedoes generally lack the reach of anti-ship missiles. A surface combatant attempting to close for a torpedo attack would normally enter missile engagement range first, so the weapon has not failed so much as lost its preferred surface-launching geometry.