Google announced the decision to stop supporting the URL Parameter Tool in Search Console after 1 month. No action is required from current users of the tool.
The company notes that the tool was launched in 2009, when GET parameters (for example, SessionID) were often used on sites that did not change the content of the page. And this tool gave site owners granular control over how Google crawls their site by indicating how certain parameters affect the content on their site.
Over the years, Google has gotten much better at guessing which features on a site are useful and which aren’t. In fact, only about 1% of the parameter configurations currently listed in the URL Parameter Tool are useful for crawling. Due to the low value of this tool to both Google users and Search Console users, the company will be deprecating the URL Parameter Tool.
Source: Google Search Central Blog