It seems that the hanging rack above the island is not as popular as it once was.

I have seen other options, for those who cook often and/or those who have a tiny kitchen.
On the wall behind the stove, as a "backsplash."

On an old ladder-

Inside of a pantry/closet, or wall recess-

Combination- wall hanging and baker's rack-

Pegboard- everything in its place and a place (outline) for everything-

How do you display your pots and pans?