Well, depends on what you mean by ‘around and kicking’, I suppose. There’s for instance the de Broglie-Bohm theory, which is a HV theory that is known to reproduce all predictions of quantum mechanics (at least in the non-relativistic case; the relativistic regime gets a bit more muddled). In principle, you can always adjoin some ‘hidden’ dynamics and make it fit, if you feel like it; the question is just whether or not it makes much sense to do so. Generally, Bell’s and similar theorems put such stringent conditions on the allowed hidden variable theories that you don’t really gain much insight or understanding from them – they necessarily contain so many counterintuitive features that you might just as well accept quantum mechanics as-is (or at least, so a lot of people feel).
You don’t need to appeal to things like the MWI, or specific interpretations in general, to understand this. Basically, entanglement can be considered as ‘correlation + superposition’, in a sense. Here, ‘correlation’ just means the following: you have two balls, one red, and one green, and two boxes to put them in. I give you one box, and keep the other; if you open yours, you will instantly know what color the ball in mine will be, no matter where in all of space and time I happen to be. So far, there’s no non-locality involved – the information just stems from the correlation put into the system due to its preparation.
Now, quantum systems can not only be in states like ‘red’ and ‘green’, which we can consider ‘real states’, or ‘elements of reality’, or ‘value definite’, but also in combinations of the two, typically written as |red> + |green>, where the weird brackets just mean ‘this is a quantum object; tread carefully’, for our purposes. It is important to realize that there is no ‘underlying reality’ to these states in the sense that the state is really |red> (or |green>), and we just describe it in this weird way due to our ignorance of the real fundamental level, but in this description, there actually is no real value to the balls’ color property.
So, let’s consider the possibilities. In the classical case, the state of the two balls is either |red, green> or |green, red>, where the first entry denotes the color of your ball, and the second the color of mine. Thus, if you open your box, find the ball to be green, you instantly know that the system’s state is |green, red> and that thus, my ball must be red, without any nonlocal influence.
Now, in the quantum case, the system can also be in the state |red, green> + |green, red>. This means that neither my ball nor your ball has any definite color, independently of what you find once you check – there is no element of reality attached to the balls’ color. However, once you check, you will find a definite color – say red – and again, instantly know the color of my ball, since then, only the state |red, green> is still compatible with the outcome of your checking. But there has again be no nonlocal influence at work, for the same reason there hasn’t been any in the classical case; what we have added was the element of superposition, the unique property of quantum systems to not have a definite, real value to all their properties at all times. (Note that I’m not talking about the ‘collapse of the wave function/state vector’, which could indeed be considered to be something of a distinctly nonlocal flavor. Instead, think of it more in the sense of conditional probabilities: once your knowledge becomes conditioned on your finding a particular color of ball in your box, the other possibility is no longer consistent with your (local) knowledge. Whether you want to consider this in terms of state-vector collapse, wave function branching, or whatever else tickles your fancy does not enter into things at this point.)
This may be putting a too fine point on things, but I think this is overly simplified. Everett’s original relative-state interpretation – which also does not add any excess ontological baggage to the Schrödinger equation – can well be considered agnostic on the front of whether or not there actually are ‘many worlds’, and so can a number of other modern interpretations; just considering the Schrödinger equation ‘as is’ does not automatically lead to the idea of branching universes (in fact, it was only Bryce DeWitt’s later popularization of Everett’s ideas that introduced the many-worlds concept in the sense of worlds that actually are there in some sense). Personally, I tend to agree with Everett (and with you re Copenhagen, which I’ve always considered the interpretation for people who haven’t really thought about the interpretation of quantum mechanics), but I’m less certain about DeWitt/Deutsch et al.'s many worlds.