It's been largely phased out in favor of mineral spirits for a number of reasons, including a host of performance factors, safety, toxicity, and cost. Turpentine production these days is mostly done in India, China, and a few regions of Europe, and is then being refined into cleaner isolates that are still used by industry at scale, but the cocktail historically classed simply as "oil of turpentine" is kind of a jumble of terpenic hydrocarbons that, while composed MOSTLY of compounds that, in small quantities, are so safe that they're used as food flavoring and aroma compounds in perfumes and cosmetics, while others are used as plasticizers or degreasers, antimicrobials, and surfactants. So basically purer forms are largely being used instead, and folks that want a high-purity turpentine like pure gum spirits of turpentine, rather than a further-refined isolate, are usually used in low enough quantities that gallon jugs are unlikely to be a useful size to most consumers.
I've been experimenting with developing a solvent-based wax polish for steel and wood to rival Renaissance Wax in performance and cost, and started off with VM&P naphtha, but received questions about if it could be used on cutting boards. Further research has led me to discover that the FDA has approved certain naphtha grades for use in wax sprays used on citrus fruit, but at the time it got me looking at organic solvents of various sorts, and I've now done some experimentation with α-pinene, a terpene that comprises about 20-50% of turpentine by volume, and can say that it is powerful stuff. VERY strong smell, but evaporates slowly, taking about 24 hours to evaporate 75% of the applied quantity, and you can pretty easily make your head swim if you breathe the vapor too much, so it's recommended to apply it outdoors or in an otherwise well-ventilated area. However, the smell does serve as a good indicator of how well-cured the coating is and once it gets to a level where it's just a "pleasant pine scent" you know you're in a range that would be safe for food contact. The slower evaporation rate also allows me to use a higher percentage of food-grade polyethylene wax in the composition, as it's a VERY hard wax and it quickly becomes difficult to apply if the solvent evaporates off too rapidly. Ultimately I'll be sticking with VM&P naphtha for my primary formulation, but will also have the α-pinene based blend available, and may even use a little in tandem with the VM&P naphtha to assist with a heavier PE wax percentage.
Ultimately while it "feels right" using turpentine in conjunction with pine tar, you may find that a petroleum distillate like odorless mineral spirits (safest but least powerful), mineral spirits, naphtha, Stoddard solvent, white spirit, kerosene, etc. will all be possible functional substitutes for turpentine.