Actually the practice is slowly dying out.
One of my Rabbeim’s father had 2 wives, but he said, due to Western (i.e. US, UK, etc.) laws – it’s not allowed. As for Eretz Yisrael, since the majority of-even chareidi seferdim-people have one wife, there is public pressure and, in his opinion multiple wives are frowned upon.
(Put aside pritzus and zenus issues)