While the manufacturers seem to forget about the "new" programmable logic products they produce within weeks of shipping the first samples, obsoleting them with the next die shrink, I've got some CPLD's that I've been using in my work that are still supported, though no longer ubiquitous, with their software, and that are still available through distribution though they're nearly 20 years old. They're no longer cheap, i.e. one 128-macrocell CPLD I have been using since the late '80's, that I bought for somewhere on the order of $4 each now appears to cost $18, which explains why I don't buy them any longer. That's an extreme example, but it would address your issue with bit-wise direction setting as well as level shifting between a 3V3 MCU and a 5V0 interface. There are, indeed, cheaper solutions available today. I suspect some of them will continue to be available for many years.

RE