It never did.
The amount of thujone in absinthe will not cause you to trip, although it has slight psychoactive effects on the brain.
It will however cause you to convulse and die taken in high amounts.
The majority of the thujone content is lost in the stilling process.
A guy once took apart the contents (chemical engineer) of an actual bottle of edourad 72 and found that the thujone content is incredibly low compared to what was originally thought.
Drinks that advertise high thujone contents probably are not absinthe, are czech recipes (tastes like weedkiller), or are all out nasty despite how historically authentic they claim to be.
The majority of the myths surrounding absinthe are based on how it is perceived by the art community and period media response. IE, people who's bread and butter is to exaggerate the **** out of everything.
I've been drinking the stuff for almost 4 years now, and have never once "tripped." It does tend to get you incredibly intoxicated rather quick though. (on average it's around 60-68% alcohol by volume)
The people that think absinthe makes them trip after drinking it are the same people that drank robitussin in middle school because they thought they were going to get enough DMT in their system to trip before they threw up all over themselves.