Many lower end L3 switches, still, might not support NAT, tunnels, etc.
Higher end L3 switches, do often support features found on routers, but often just a subset of a router's features.
So, "routers" still hold a place in low end and middle levels of performance. At the very high end, so called "routers" are often more of a super L3 switch than a router, again, when in comes to the features a router offers.
Understand, at the very high end, many "router" features aren't need, because at the high end, devices are being used for core or backbone devices, where routing and bandwidth capacity are all that's often only needed.
