Are lookup textures still used for anything?
Yes, lookup textures are still used. For example, pre-integrated BRDFs (for ambient lighting, say), or arbitrarily complicated curves baked down to a 1D texture, or a 3D lookup texture for color grading, or a noise texture instead of a PRNG in the shader.

ALU is generally cheaper than a texture sample, true, but you still have a limited amount of ALU per frame. GPUs are good at latency hiding and small lookup textures are likely to be in the cache. If your function is complicated enough, it may still be worth using a lookup texture.