The code to load and draw the logo is gone in recent releases. If you want to display a logo or splash screen, your best bet is to have your X startup scripts launch an X client to display it right after the server starts.
In older releases, the driver might have been displaying the logo, but the X server was clearing the screen faster than the display device could sync to the new signal. It’s also possible your Linux distribution was set up to pass the NoLogo option to the driver.
In ye olden days, both the driver and the X server itself took a lot longer to start, so the logo was visible for much longer.