In Fallout 4, Bethesda replaced that with a dialog wheel. It worked, and it allowed for full roleplaying, by letting players choose exactly what they would say in a given situation.
One of the biggest missteps by Bethesda was the new dialog system- in the older Bethesda games, their protagonist would effectively be silent, and you would choose full dialog in response to prompts on screen. With Fallout 4, Bethesda really went overboard with trying to streamline the game and make it accessible for larger audiences- which in my opinion was unnecessary, given just how many copies Skyrim sold.