Most arcades don't keep stuff up to date, I presume it's a combination of cost and that any arcade still operating can make money off of their existing hardware. You still see Daytona USA in arcades everwhere, Time Crisis 3, 2 or Crisis Zone, House Of The Dead 2-4, Outrun, Crazy Taxi.
I think one reason is that a lot of people go to the arcade for the 'attraction', sitting in a driving cab, shooting the guns, hitting the DDR pad and stuff like that. "Graphics" isn't the draw like it is on home console games. This is just my experience with arcade installations in theaters however, but I rarely see fighting games, despite me knowing that fighting games are popular as hell.