I have switched my front end to a bike-packing set up: Revelate harness/bag + Anything cages on the forks + Ortleib accessory pack. I like it because I pop that stuff off, and it feels like I have my normal bike back. I could have/should have done that with my front rack, but it just always stayed on the bike, just in case. Came in handy once or twice, but when not touring, it's usually in the way.

But I have kept my rear rack. It's the most versatile way to carry gear around town, and it's the best way to carry a load on longer trips, unless I'm trying extra hard to pack light. Currently the front of the bike, except the accessory pack, is used mostly for sleep: tent, quilts, tarp. The frame bag is for cooking and repair: stove, fuel, pump, sometimes extra water. The rear rack is clothing in one Front-Roller pannier and food in a cooler on the other side. The top of the rack catches extra junk, and that's what I need to weed out. Also most of my trips are out to hang out at a campground for a few days and then back home. On a trip with more riding, and less sitting in camp, the cooler wouldn't be necessary (or could at least be smaller), the "extra junk" would be less, and I might not need as many clothes, either. At that point, it might make sense to look at ditching the rack in favor of a seat bag, but I still wouldn't do it unless it became necessary, which it will. In a couple of weeks, I'll be packing up my bike in an S & S case and taking a trip. I found the rack does not quite fit in the case, so I'll be moving my clothes to a Revelate Terrapin bag.

It's doable, and it may be preferable to go to a bikepacking set up if you have the want/need. I find racks easier to use and more versatile, but if you can keep your gear to a certain capacity, you'll be fine.

A frontroller/backroller combo is about 65 liters of space. I estimate with two Anything cages, a front roll, accessory pack, frame bag, and seatpost bag, I'm at about 50 liters. I think there are lots of people who would do fine with that amount of space, and many who use much less.