I would start off by challenging your assertion that people don’t deliver really long speeches anymore. We certainly still see it with church leaders and long-winded politicians.
I would suggest changing the words ‘long prepared speeches’ to ‘presentations’.
Longer presentations are very common in the business world.
A presentation incorporates speaking skills, listening skills, facilitating, educating and many more. As where long speeches tend to be a one-way data dump.
It is becoming a well-documented fact that verbal communication skills are deteriorating in our younger generations. Social media may be providing more interconnectedness but it is not providing a similar increase in the quality of communication. A 144 character message does not leave a lot of room for quality communication.
Small talk i.e. conversational skills are going by the wayside. Employers are reporting that they are having challenges in hiring younger workers due to lack of social and communication skills. They find themselves having to teach these younger workers the soft skills while on the job.
Public speaking is only one element of the skills learned by participating in the Toastmasters program. Attending a club can expose a member to other members of different ages. This can be helpful in the workplace as our fellow workers and our customers are of different ages.
So in fact, Toastmasters is even more relevant than ever.