TFVC is being outphased. Microsoft doesn't want to openly say it but everything in MS' docs is pushing Git. When you have an on-prem TFS installation, the default version control for new projects is Git. Visual Studio Team Services doesn't allow to import anything into TFVC, only into Git. Visual Studio lists Git first, when you want to add version control. Visual Studio Code makes working with Git a lot easier than working with TFVC.

TFS as the development process management solution will live on as an on-prem service, but TFVC is unofficially feature-complete and in the maintenance phase.