Instead, we have Popularity Trends and Popularity and Search Reports in SharePoint Online.
An even better news is that we can see the usage report on a specific file from a library, Files tab.
You might have started wondering just like I did, and Yes, you can see the most popular items of the entire library too!
Although I have to say, I still like the old web analytics reports better, because it gives me more information, such as top visitors. Bye bye Web Analytics 😦