I don't think the impact factor has lost its value. Rather, impact factor has been abused to such an extent that most of the researchers merely select a journal based on the impact factor. This gives leverage to predatory journals to attract researchers, who are desperate to publish or are required to publish in high impact journals, through fake impact factors. If researchers would use other important factors such as the target audience, journal aims and scope, the outreach, and journal specialty as the criteria for journal selection, things may improve and predatory journals can be avoided.