It was probably the greatest online data preservation project to have ever been executed - and that's not just my opinion. At least 38 million accounts were on GeoCities by the time it went down, a lot of them abandoned as a result of Yahoo!'s acquisition; they forced users to flee because they pressed down new terms and conditions on the site.
Anyway, after the announcement of GeoCities' closure, countless online archival groups went into action. The Internet Archive (really useful) announced a "deep crawl" of the pages, while Archive Team used their signature juggernaut of connected virtual machines in order to harvest them. By the time GeoCities shut down, on October 27th of the same year, some archivers managed to amass just under 1 terabyte (1024 gigabytes) of uncompressed data - simply put, a TON of it.
(Here's a video of someone crawling and preserving GeoCities pages)
Of course, archives aren't made just for them to sit in some old dusty shelf. GeoCities now lives on in several web mirrors (virtual copies), raw archives, and a few other sites which celebrate it. Take the One Terabyte of Kilobyte Age Photo Op, for example. Every day, until some time in 2027, the Photo Op will continue posting screenshots of GeoCities websites.