I don’t believe tanking ever worked in this sport.
Well, in the early 2000's the Penguins were so bad they got either the first or second pick in 4 consecutive drafts. They drafted Fleury, Crosby, Malkin (a hell of a #2 choice behind Ovie) and became a powerhouse for the next 15 years.
The consensus #1 pick in this year's draft is Bedard, supposedly the best prospect since McDavid. And don't forget, there is a draft lottery now.