I saw that uiautomatorviewer is no longer available with Android Studio 2.3. There is another tool called "monitor" which has the option "Dump View Hierarchy for UI Automator". It basically helps to view connected device's current screen's UI elements.
I just wanted a confirmation from someone in the Android Studio team. After someone confirms, this topic can probably be moved to the category - News.
Monitor seems to have more options and supplementary tools as compared to uiautomatorviewer. I am not sure if it was something already available in previous versions too.
Instead of using the command "uiautomatorviewer" in the terminal, we need to use the command "monitor" now. This is of course after making sure we have added the android sdk path in the environment variables.
This new tool monitor looks like this.