Yes, Nebraska is still a blue blood. But, admittedly, the 7 year bowl-less streak is a worse period of ineptitude than almost any other blue blood program has ever had. The bad periods for other blue blood programs are usually periods where they win about 55-60% of their games.
Well, actually, Nebraska had a longer and similarly bad period of ineptitude from 1941-1961. But Nebraska's history from 1890-1940 and from 1962-2001 was probably the very best in college football. Even 2002-2016 was just a fairly typical "down" period for a blue blood- it wasn't until the 2017 that we began a basically unheard of period of awfulness.