Yes they do, those are the first vertical shmups, hell centipede probably counts. When Toaplan split , the employee founded cave, raizing, and other studios, they didnt just start in the 90s. There are a lot of great horizontal, shmups, I play a lot of horizontal (shit I have skycurser man lol) but I recognize how much more popular vertical has been and still is. You are also not counting series like 19xx (including strikers), Rayforce,
Armed Police Batrider, Battle Bakraid, Batsugun, Raiden, Don Pachi, etc
Lets take a look at the shmups forum top list, which is done every year based on member vote on an entire forum dedicated to shmups.
##. Game Score '02 '03 '04 '05 '06 '07 '08 '09 '10 '12 '13 '14 '15
01. DoDonPachi Dai-Ou-Jou / Black Label (ARC/360/etc.) 7.66 * + + + + + + ~ + + + + +
02. Battle Garegga (ARC/SAT/PS4) 7.58 + + * + + + - - - - - = -
03. Ketsui ~Kizuna Jigoku Tachi~ (ARC/360/PS3) 6.71 . * * * * * + = + = = + -
04. Mushihimesama Futari / 1.5 / Black Label (ARC/360) 6.10 . . . . * * + ~ ~ - - - -
05. Armed Police Batrider (ARC) 6.04 * * + * - + = - - = + + =
06. DoDonPachi (ARC/SAT/PSX) 5.59 - - - - - - - - - = - - +
07. Crimzon Clover / World Ignition (PC/NESiCA) 4.42 . . . . . . . . * * * + -
08. RayForce / Layer Section / etc. (ARC/PS2/SAT/etc.) 4.15 * - + + + + + * * * + = =
09. Radiant Silvergun (ARC/SAT/360) 3.95 + - - - - - + + * + + + +
10. Ikaruga (ARC/DC/GC/360/PC) 3.80 - - - - - - - - - + + - =
11. Mushihimesama / 1.5 (ARC/PS2/360/PC) 3.48 . . * + + - - + * = - - =
12. Mars Matrix (ARC/DC) 3.43 + + - - + + = - + - + + +
13. Gradius V (PS2) 3.41 . . - - - - - - + * - = -
14. Strikers 1945 II (ARC/SAT/PSX/PS2) 3.29 - + = + * + + + + + + + +
15. Progear no Arashi (ARC) 3.22 * * * * * - - * * * * * *
16. Gunbird 2 (ARC/DC) 3.19 + - - + = * * + - - + + *
17. R-Type (ARC/PCE/PSX/etc.) 3.08 - - - - * - + - + = + - -
18. Dangun Feveron (ARC) 3.05 * * * * * * - - * * * * *
19. Raiden Fighters Jet (ARC/360) 2.91 * * * * * * - - - - - + -
20. Gradius Gaiden (PSX/PSP) 2.904 + - - - - - * - * + * * +
21. Raiden DX (ARC/PSX) 2.901 * * - + - * - * - * - * *
22. Batsugun / Batsugun Special (ARC/SAT) 2.84 * - - * - - - + - - - - -
23. Darius Gaiden (ARC/SAT/PS1/PS2/PC) 2.80 * * * * * * * * = * * - -
24. Under Defeat (DC/ARC/360/PS3) 2.64 . . . * + * * * * * * * *
25. Darius Burst: AC/EX/Chronicle Saviours (PC/etc.) 2.48 . . . . . . . . * * * * -