The old Chrysler hemi was a big strong engine. It was chosen by many hot rodders and racers back in the 50s.
The chevy small block is an example of the same thing. It was chosen by many people as a engine to hop up.
Over the years there was quite a bit of R&D on the old hemi because it was popular. Lots of mod equipment was produced for it. The popularity continued because of the equipment available and the equipment makers produced more and better components and that made it even more popular.
The fact that it was a hemi didn't hurt but that wasn't what made the engine what it is today.
The engines used in the top fuel cars are new engines and every part is produced for racing and nothing else.
The new engines are based on the old hemi because that is the engine everyone settled on long ago.
Now, NASCAR.
NASCAR is in the business of putting on a show. NASCAR is not in a development class of racing. They are not interested in improving the cars that compete in their events.
If Ford, GM or DC come out with a new kind of engine or a very aerodynamic body, the new development will be disallowed or changes will be made to compensate for it in order to make the cars race on even terms.
Do you see any NASCAR race cars with fuel injection or superchargers or overhead cams or anything new?
No, they want the cars to be fast, loud, and all about the same.
It wouldn't be good for ticket sales if GM or Ford won every race by three laps.
So just because it is banned from NASCAR doesn't mean that it is the best way to get power in this day and age.
If they let the NASCAR boys do anything they wanted with their 355 cubes, they might have 4 valves and OHC but I'll bet they wouldn't have hemi chambers no matter what brand of engine they used.