The Text
component replaced it. It’s part of the new UI system called uGUI.
Go to GameObject —> UI —> Text and Unity will create a Canvas with a GameObject as a child. That child GameObject will have a Text
component. You can learn more about the new UI system here.
Example of how to modify it from code:
public Text myText;
void Start()
{
myText.text = "This is my text";
}