Bus Rapid Transit (BRT) has grown fast in the last 25 years, promising low-cost, rapid implementation, and large positive impacts. Despite advances, many systems in middle- and low-income countries face operational and financial issues, particularly in Latin America. Some practitioners, researchers, and decision makers, and the media are questioning its ability to provide quality services. Is this the end of a trend? To answer this question, this paper explores the status of the BRT industry and literature on the topic, with a focus on Latin America, as well as the emblematic cases of Curitiba, Quito, Bogotá, Mexico, and Santiago. Overcrowding, lack of reliability, fare evasion, issues of safety and security, and poor maintenance are evident problems in these and other cities. They seem to be a result of institutional and financial constraints, as well as technical limitations of surface-based transit modes. BRT has been able to deliver high-capacity and fast and reliable services, but requires permanent management and investment to face growing demand and aging infrastructure and vehicles, just like rail systems do. In addition, attention needs to be provided to data, technology innovation, urban integration, and public participation to keep BRT as an integral part of multimodal high-quality sustainable mobility networks in the future.