Not according to Bliss herself, anyway.
Dave Meltzer recently reported that the former Raw Women's Champion was dealing with a new injury and that's why we haven't seen her wrestle since the Women's Royal Rumble match, but when a fan asked The Goddess about this she flat-out denied it.
So, why hasn't she been competing? In circumstances like these it's usually a simple case of the writers waiting for an opportunity to insert the Superstar into a storyline. Alexa is seemingly a face now and hosting her own "Moment of Bliss" segment, so WWE is probably happy enough to let he coast there until a suitable feud presents itself.
Of course, that's pure speculation on our part. Perhaps Bliss will share some more details on the situation soon.